The Senate May Extend The Bush Tax Cuts In August

Stan's onto something here.  Senate Democrats have suddenly shifted into high gear to pass the Bush tax cuts for those under $250,000 before they go out for their August recess. Democratic staff will meet at 12:30 p.m. tomorrow, and Democratic senators will caucus at 4:30 p.m.  There's still a lot of work to do to bridge the big gaps within the caucus on the estate tax and on the top rates for capital gains and dividends.  Senate Democratic leaders want to put Republican senators on the spot defending tax cuts for the rich before the election.  The Statutory PAYGO Act of last February exempts most of these tax cuts, except for keeping the dividends rate below 39.6%, but that too may be set at 20% or even 15% I'm told.  It's none to soon for the stock market, which has had this as one of its concerns lately.