The House last night passed two tax bills which will be taken up by the Senate next week:

• The Pension Bill (H.R. 4) passed 279-131:
  • Legislative Text (Part 1)
  • Legislative Text (Part 2)
  • Ways & Means Committee Summary
  • Ways & Means Committee Summary of Charitable Provisions
  • Joint Committee Revenue Estimate
• The "Trifecta Bill" (H.R. 5970) — permanent estate tax cut, tax extenders and a higher minimum wage — passed 230-180:
  • Legislative Text
  • Ways & Means Committee Overview
  • Ways & Means Committee Short Summary
  • Ways & Means Committee Detailed Summary
  • Joint Committee Explanation
  • Joint Committee Revenue Estimate

Press Reports:

• Associated Press
• Bloomberg
• L.A. Times
• New York Times
• Reuters
• Wall Street Journal
• Washington Post

The Center on Budget & Policy Priorities has a number of critical reports on both bills:

• Pension Bill (H.R. 4):
  • Pension Conference Agreement Makes Retirement Tax Cuts Permanent But Fails to Offset Their Cost: Measure Could Set Precedent for Other Unpaid-for Tax-Cut Extensions
  • Pension Conference Agreement Sets Undesirable Precedent for Extending Tax Cuts Permanently without Paying for Them
• Trifecta Bill (H.R. 5970):
  • Comparing the House Minimum Wage and Estate Tax Proposals: Who Benefits and By How Much?
  • House Estate Tax Proposal Has Essentially the Same Large Long-Term Cost As Earlier Version: Phase-Ins Mask Costs, But Underlying Policy Remains Unchanged
  • Buying Power of Minimum Wage at 51 Year Low: Congress Could Break Record For Longest Period Without an Increase