A Bipartisan Senate? Maybe

[ashleyhoward]

In what some are hailing as a long-awaited show of bipartisanship, the Senate tax writers have created a package of tax extenders that Finance Chairman Max Baucus and ranking member Sen. Orrin Hatch say show that Republicans and Democrats can still work together, The Hill reports.

In a statement, Baucus said, “This effort has proven that legislating can still be done if both sides work together. We’re facing serious challenges with the fiscal cliff at the end of the year, and this win shows we’re able to come together to tackle tough problems. This is exactly the kind of work it will take to address the fiscal cliff.â€￾

Hatch said in his statement that, “This legislation demonstrates that there is a will to subject longstanding tax policies to the full and much-needed public scrutiny of the American people. This is a first step toward the ultimate goal of comprehensive tax reform that shows that there is a path to resolving the challenges we face as a nation.â€￾

In the package, a research and development credit would be extended, while the Alternative Minimum Tax would be prevented from reaching more of the middle class, while a quarter of the provision would be removed. Other important issues still have to be tackled, like Bush-era tax rates and forthcoming spending cuts.

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