Senate Panel Keeps Energy Tax Breaks

    UNITED STATES - JULY 26: Senate Majority Leader Harry Reid, D-Nev., speaks at a news conference to urge the GOP to pass the middle-class tax cuts passed by the Senate. (Photo By Chris Maddaloni/CQ Roll Call)

    Chris Maddaloni, CQ Roll Call / Getty Images

    On the last day before the August recess, the Senate Finance Committee approved a $200 billion–plus tax package that included breaks for biodiesel and wind-energy producers—although the GOP-controlled House passed symbolic legislation that would erase the tax breaks. Instead, the House voted to fully renew the Bush tax cuts on Wednesday and on Thursday, House members voted along party lines to lower the top income tax rate to 25 percent. All this further complicates the Senate’s panel’s action—it is likely to end up in the debate at the end of the year with the Bush tax cuts, $110 billion in automatic Pentagon spending cuts, and domestic-program scalebacks.

    Read it at Associated Press