NEWS: Source familiar says a deal about to be announced soon on a way forward after hours of Senate standstill. Details TK
Dems will offer amendment at $300 per week through Sept. The first $10,200 of jobless benefits will not be taxed. It now only applies to households with incomes under $150K
It also extends "tax rules for business loss limitations" for an additional year, through 2026, per aide
It also extends "tax rules for business loss limitations" for an additional year, through 2026, per aide
Manchin: “We have reached a compromise that enables the economy to rebound quickly while also protecting those receiving unemployment benefits from being hit with unexpected tax bill next year.”
Those making less than $150,000 and receiving unemployment will be eligible for a $10,200 tax break. Unemployment benefits will be extended through the end of August.” (Sept. 6 is the new cutoff date)
The main things Manchin got: A cap on who is eligible to write off $10,200 in jobless benefits. Under the deal, Democrats agreed to ensure that households with incomes under $150,000 were only eligible to deduct that amount from their taxes.
Also, the deal announced this morning would have extended jobless benefits through the end of September . This deal moves the expiration date up to Sept. 6.
They have to gavel closed the minimum wage vote which has been open since 11:03am. Once that is done, the Senate will move into vote-a-rama
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