Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Friday, August 04, 2006

Trifecta Bill Fails In Senate - Pension Bill Approved

Late on August 3 the Senate narrowly defeated a motion to proceed to a three-pronged bill, the Estate Tax and Extension of Tax Relief Bill of 2006 (HR 5970) that would have extended a group of popular tax breaks, increased the minimum wage and permanently slashed the estate tax. The final vote was 56 to 42. Senate rules require a 60 vote supermajority because the tax provisions exceed the amount called for in the 2006 budget reconciliation.

Immediately following the so-called trifecta bill vote, the Senate approved the Pension Protection Act of 2006 (HR 4) by a vote of 93 to 5. The Senate is now slated to recess until September 7.

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