Tax News The House Passed the $1Trillion Spending Bill Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 16, 2011 - [Updated Jul 24, 2019] 2 min read I know you have all been anxiously waiting to find out the verdict on the $1.043 trillion spending bill and the payroll tax cut extension, which the President wanted both passed before lawmakers went on vacation. Well, just in time! Spending/Payroll Tax Bill The House of Representatives passed the $1.043 trillion spending bill this afternoon. The bill now will go to the Senate, where Senate leaders are optimistic that the bill will be passed avoiding partial government shutdown at midnight tonight. The spending bill will fund the government for another fiscal year, through the end of September 2012. It is unknown if the Senate will be able to tackle the big bill tonight, but the presumption of the bill passing will extend the authorization for government spending 24 more hours in case the Senate is unable to complete the vote tonight. As explained earlier this week, in our blog “The House Passes the Payroll Tax Bill“, the President called Congress to stay in session until both the spending bill and the payroll tax cut bill passes the Senate since the payroll tax cut measure, a major part of President Obama’s job creation plan, would put $1,000 in an average worker’s pocket and may impact 160 million Amercians. There is optimism that there will be some way to extend the payroll tax cut bill, which reduces Social Security Tax from 6.2% to 4.2%. Senate talks involve extending the payroll tax cut and some other provisions which are set to expire at the end of this year. The Senate is still negotiating at this moment on the payroll tax bill due to additional provisions possibly attached to the bill such as the extension of unemployment benefits, the increase in payments to doctors who provide medicare services, and the Keystone XL oil pipeline. It is unknown at this time whether the Senate will vote on both tax bills today, but check back for more up to date information regarding the spending bill and the payroll tax bill. Previous Post The House Passes the Payroll Tax Bill Next Post Spending Bill Passes: What’s Next for the Payroll Tax Bill? Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?