Tax break bill clears hurdle in Senate
A bill packed with tax breaks and other benefits for small businesses cleared a major hurdle in the Senate today, despite opposition from Senator Scott Brown of Massachusetts.
The measure, which is now set for final passage later this week, creates a $30 billion government fund to encourage lending and eliminates capital gains taxes for long-term investors in some small businesses. President Obama touted it nationally last week as a much-needed salve for small businesses struggling to recover from the worst recession since the Great Depression.
The bill has been stalled by a filibuster since July, but two Republicans crossed the aisle today to break the stalemate: George LeMieux of Florida and George Voinovich of Ohio.
Brown called the bill another bailout and said he could not support it.
"This bill includes a provision just like TARP," he said after casting his vote in opposition. "Banks making lending decisions with government funds is not the way to get our economy moving again."
Donovan Slack can be reached at dslack@globe.com.
About Political Intelligence
Glen Johnson is Politics Editor at boston.com and lead blogger for "Political Intelligence." He moved to Massachusetts in the fourth grade, and has covered local, state, and national politics for over 25 years. E-mail him at johnson@globe.com. Follow him on Twitter @globeglen. |
