Legislative Update – NACD Calls on Congress to Extend All Expiring Tax Rates
NACD joined dozens of other pro-business trade associations last week in sending a letter to all members of the U.S. Senate asking them to extend all of the expiring tax rates for one year and to provide for expedited consideration of comprehensive tax code reform in early 2013. On Wednesday, the Senate defeated a plan to extend all of the tax cuts by a vote of 54-45. Instead, the Senate adopted, by a vote of 51-48, a plan to extend the tax rates for everyone except those with earnings of more than $250,000. The House is scheduled to vote on the tax rate extensions later this week. NACD and the other organizations will send an identical letter to the House before the vote.