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Senate Will Take Lead on Tax Cut Extensions

Senate Will Take Lead on Tax Cut Extensions

Cuts for wealthiest Americans are set to expire at the end of this year.

House Speaker Nancy Pelosi, D-Calif., and other House leaders will take their lead from the Senate on the Bush-era tax cuts that expire at the end of the year. She did not have details of how or when the Senate will move, but the Senate Finance Committee was slated to discuss extending the tax cuts during a bipartisan meeting Thursday night.

Pelosi did say she prefers to stick to the President's promise to allow the tax cuts to expire for individuals that earn more than $200,000 and families earning $250,000 more. Treasury Secretary Timothy Geithner says the administration believes it's appropriate to let those tax cuts that go to the most fortunate 2-3% of Americans expire on their current schedule.

As for the estate tax Geithner says it should be restored to its 2009 levels. Republicans and some Democrats want to raise the exemption beyond last year's $3.5 million per person and reduce the maximum tax from the '09 level of 45%.

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