The Senate today is expected to overwhelmingly approve and send to the president the IRS reform conference report, following the defeat of a handful of budget points of order raised by Democrats Wednesday.
Sen. Byron Dorgan, D-N.D., objected to a provision added in conference at the 11th hour that would reduce the minimum holding period for capital gains tax relief.
And Sen. Patty Murray, D-Wash., objected to the inclusion of a package of technical corrections to a massive highway bill that was offset in part by a cut in veterans' medical benefits.
But with members of both parties anxious to hold up a victory to voters this fall, both points of order were soundly turned back.
At a news conference Wednesday afternoon, Sens. Bob Kerrey, D- Neb., and Charles Grassley, R-Iowa, hailed what Grassley said represents "one of the few times where we will actually make a difference in the lives of people."
Grassley acknowledged that he, like other senators, had to "swallow some tax provisions that were not to his liking." But he said these matters paled when compared with the importance of the overall bill.
Of particular distaste to Kerrey, co-chairman of the national commission that created the blueprint for the legislation, was an offset that would expand the use of tax-free individual retirement accounts.
Kerrey warned again that the real cost of that offset would show up just as Baby Boomers begin to retire, putting a strain on entitlements. But he suggested the issue could be addressed at a later time.
Both Kerrey and Grassley said election-year politics is no longer driving the IRS reform effort. Earlier in the year Republicans used the issue in campaign mailings, and there was a series of partisan exchanges when the bill was delayed by careful scrutiny in the Senate Finance Committee.
When senators were asked about the attempt of Senate Majority Leader Trent Lott, R-Miss., to thwart the views of many conferees and remove or limit the powers of an employee representative on an advisory board the legislation would create, Kerrey leaned in front of Grassley and declared: "He can't say this but I can. We beat him fair and square."
The House approved the conference report two weeks ago on a 402-8 vote.
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