House to extend unemployment benefits, estate...

According to what House Majority Leader Steny Hoyer (D-MD) said on Tuesday, a jobs creation bill will likely have to wait until 2010. However, he also said that the House is set on extending the estate tax (the so-called "death tax") permanently before the holiday recess. In addition, Hoyer said that House Democrats wish to see another federal unemployment benefits extension. Presumably this bill would include a "fix-it" clause to change the expiration date on the previous extension, allowing people in high unemployment states to claim the full 20 weeks as opposed to 14.

Additional unemployment extension is a must, I think. A jobs bill is top priority but I can grant Hoyer his comment that he wants "a job package that will work, not getting one right now." As long as Congress can move fairly quickly on a jobs bill, something in early 2010 would potentially be a good injection to a recovering economy. Infrastructure spending, state aid, public jobs and jobs tax credits are all on the table.

Making the current estate tax rate permanent - essentially a big tax cut overriding its reset back to the previous higher rate on more estates in 2011 - should be a breeze to pass. Unfortunately this does nothing to help people who are unemployed, losing their homes, and lacking the essentials of daily life, let alone worrying about whether their heirs will only get $2 million instead of $3 million. I'm in favor of lower estate taxes, but it's not exactly a priority right now.

Of course any bills passed by the House must first make it through the Senate, which is currently tough on Democratic-sponsored legislation and slower in general.

It seems that the estate tax extension will pass with flying colors, at least. I cannot imagine the GOP stopping that one.

What do you think about the priorities of legislation in the House given these proposals?

Karl Leuba Dec 2, 2009, 3:24pm UTC

Mostly good news, but If the Democrats has the sense of a Jack Ass they would delay the extension of the estate tax. I would think it was more politically astute to change the tax code all at the same time. That way there would be some cuts, and some increases, and some stay the same and the screams of pain might be drowned out by the cries of great joy. And, we might be able to increase federal revenue past the devastating deficit stage.

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Katya L Dec 3, 2009, 11:49pm UTC

My regular unemployment claim will finish on 12/27/09. I do not believe that I would qualify for any of the extensions. I am wondering if Congress extends the deadline will it apply to me?

Mike Rheaume Dec 4, 2009, 12:26pm UTC

Katya,

It's all very confusing and I'm trying to figure it out myself, so I cannot give you a definite answer. From what I understand, it seems to me that you would be eligible because that's before the deadline, but then again I don't know for sure.

Does anyone know the answer to Katya's question?

Judy Jones Dec 10, 2009, 5:48pm UTC

I spoke with Texas Workforce and they told me that if my benefits did not expire by Dec 26th I would not be eligible for the extension set as of this date. My benefits run out in January and I am on the tier I level. So everything that was before is no longer. The tier II does not apply to me anymore. I hope they do something quickly!!!

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Donald Jones Dec 4, 2009, 5:48am UTC

I don't think people realize that there has been a fundamental change in how corporations view employment and productivity that is devastating to the working class in our country, Big business, spurred on by Wall Street, has learned that they can lay workers off, increase the work load on existing workers while cutting their pay and benefits. This is temporarily great for the bottom line, but you end up with a hell of a lot more workers than jobs. One job opening for every 10 workers is not going to do much for the economy. The other 9 aren't going to buy cars, houses or health insurance, let alone be able to put food on the table. This ain't going away like it did in the early 80's.

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mari calhoun Dec 5, 2009, 5:14am UTC

I'm from Kentucky and I wrote our senator (McConnell) and told him extacly what I thought of his behavior during the last two months concerning the UI extension. There are others like him and I hope that it doesn't happen again with another extension but I am sure that it will. I can not find a real job and I am trying so hard. Yesterday I got my car fixed but I had to clean the mechanics house for four days in order to pay the debt. Thank goodness I was about to work out an agreement with him or I wouldn't have been able to continue my job search in person. Please pass the extension soon!!!!

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John S. (arizona) Dec 5, 2009, 5:41am UTC

I don't have much faith in the "Jobs Bill" given that we were told by the Prez the last Stimulus Bill would create 4 million of them that never materialized, but I guess we'll have to see what they come up with. It's obvious that they have seen it as a failure for job creation, or why else have a summit and another Bill?
If it doesn't help small business which is where most jobs come from, it is a waste of time and money.
What we were told last time~
http://www.cbsnews.com/stories/2009/02/10/politics/100days/main4789627.shtml

Some thoughts on the "Death Tax"... something I personally think small business/farms should be exempt from totally. As a previous owner of a small business, I can relate.
http://www.foxnews.com/opinion/2009/12/02/phil-kerpen-death-tax-congress/

I think in the long run the economy will take care of itself before these guys really do anything... but they all will want to take credit for it come election time.

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House to extend unemployment benefits, estate tax break before Xmas; jobs bill delayed until 2010

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