Senate Stimulus Report Card From The Tax Policy Center

The Urban-Brookings Tax Policy Center just posted its stimulus report card of the Senate Finance Committee tax cut portion of the Senate stimulus bill.  The biggest difference between it and its House counterpart is in patching the Alternative Minimum Tax early this year, which drew a D- for failing to stimulate the economy.  The Senate also has exclusion of unemployment benefits from taxation, B-, Broadband incentives, C, and deferral of certain income from the discharge of business indebtedness -- none of which were in the House bill.

The Senate will take up the bill next Monday afternoon with opening statements and begin disposing of hundreds of amendments during the remainder of the week.  Democratic leaders hope to defeat most amendments, in which case the bill will probably get final Senate approval by a very narrow margin at the end of the week.  If some Republican amendments pass, the possibility exists for additional Republican votes in favor.

Enactment by mid-February seems likely.