Bennet: We can do better on tax deal

Sen. Michael Bennet (D-Colo.) chided the House for taking up a “three-week” tax extension rather than a two-year extension.

“In reality this is not a one-year extension, it is a three-week extension,” Bennet said on the Senate floor Wednesday. “It makes no sense at all.”

{mosads}Bennet said the retroactive House bill would do nothing for economic certainty because businesses and families still won’t know what to expect for the 2015 tax season.

Bennet said there was still time for Congress to consider a Senate bill, the EXPIRE Act, that would extend most tax deductions for two years.

“We can do better than this,” Bennet said. “If it’s good policy for three weeks why isn’t it good policy for two years.”

Later Wednesday, the House is expected to pass an extension for 50 tax breaks that expired in 2013. The extension would only be in effect for the 2014 tax season.

Earlier this year, Senate Democrats tried to bring up a bipartisan two-year tax extension package, but Republicans filibustered the effort.

If Congress fails to act by the end of the year, it could complicate tax filing for 2014 or increase taxes.