Senate, Taxes | featured news

Senior lawmakers said on Sunday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans.

Republicans in the Senate on Saturday blocked Democratic legislation that would renew low tax rates for individuals' income up to $200,000 and families' income up to $250,000, letting them rise for the wealthiest.

The Senate on Tuesday blocked tax legislation that would have punished U.S. firms that export jobs. But the political symbolism of trying to save American jobs, not passing a bill, was the Democrats' closing argument on the economy in the waning weeks of the congressional elections.

The first step will likely be a tax incentive to employers who hire new workers. Other details and the price tag remain vague.

An account by a person close to Gov. David A. Paterson is at odds with Caroline Kennedy’s own description of her reasons for withdrawing.