Tax Reform Bill

I have here more important updates of what came about in the Senate Chamber: 
On Thursday 11/4 and in the beginning of Friday 11/5, we went over House Bill #0003 with our parties.This bill is called the Tax Reform Act of 2010.

It specifically states that whoever spends under $300,000 will be reduced by 5% from the rates established in the bush era tax cuts. If the rate of income tax for households making between $300,000-$900,000 will be increased from 35% to 38.6% the rate prior to the bush era tax cuts. The rate of income tax for households making $1,000,000 or more will be raised from 35% to 45%.

Our party (Democrats) was thinking of passing the bill. After we moved to a debate, the motion to kill the bill did not pass. We have debated the House Bill #0003 throughout Thursdays Senate Session. Although there  were more agenda items on the list, we didn't pass the bill yet. We continued the debating of the bill the following day during the senate session but we didn't get a chance to go over House Bill #3263.

On the following day (11/5), we still tryed to close the debate on the House Bill #0003. To me, it felt as if it was going on and off. We would open the debate and then we would close the debate due to the effect of not having a 2/3 vote. We were able to add an elimination of the debate for 20 minutes but the motion did not pass. On the other hand, the voting did pass and after the chamber voted, the bill for the House #0003 have been successfully killed.

For the rest of the Senate Session, we went over what each committee is working on. There have been some committees that are still in the process of creating a bill(s) and there are some Committees that already finished creating their bill(s). Since there are so many committees to go over, I will update the news of the committees and their bills for the next congress blog update.

In addition, since we didn't really get a chance to go over House Bill #3263 on Friday's Senate Session, I have a feeling that we will also go over that bill either on Monday (11/8) or on Tuesday's (11/9) senate session's.