This Washington
Bank Loophole Repeal Fizzling Out in Senate Committee
UPDATE:
Sen. Rockefeller's bill to close the bank loophole did not come up in the ways and means committee.
"It's sad," Sen. Rockefeller says. "The question was do we have people in the legislature who are willing to say school kids are more important than multinational banks that are generating billions in profits. Apparently, protecting the profits for these banks is more important."
ORIGINAL POST:
An effort to embarrass conservative Democrats and Republicans in the state legislature may actually end up embarrassing liberal Democrats: A progressive bill they're backing that would close an $83 million tax loophole for big banks and use the money to fund K-3 education is in jeopardy of flopping today.
The bill, sponsored by Rep. Laurie Jinkins (D-27, Tacoma) in the house and Sen. Phil Rockefeller (D-23, Bainbridge Island) in the senate, needs a two-thirds vote to pass because it closes a tax loophole, ie, it's a revenue bill. There was never an expectation that the bill would get a two-thirds majority—Republicans and conservative Democrats don't support the bill. However, liberals had hoped to embarrass the conservatives by at least getting the bill to the floor and making them vote against it: "Choosing banks over school kids," as Rockefeller's office puts it.
However, while the house ways and means committee (after quite a hearing) passed the bill—where it's now in the queue, Rockefeller's senate version may not come up at all.
Ways and means chair Sen. Ed Murray (D-43, Seattle) acknowledged today that he might not have the Democratic votes to move it out of committee and to spare everyone an embarrassing vote, he may choose not bring it up, he says.
One of those Democrats is Sen. Craig Pridemore (D-49, Vancouver). Pridemore tells PubliCola that he is a definite 'No' vote, explaining that his district voted 2 to 1 in favor of the two-thirds rule and doesn't want him to raise taxes.
We have a call in to the other reported 'No' vote on the Democratic side, Sen. Rodney Tom (D-48, Bellevue).
Sen. Rockefeller's bill to close the bank loophole did not come up in the ways and means committee.
"It's sad," Sen. Rockefeller says. "The question was do we have people in the legislature who are willing to say school kids are more important than multinational banks that are generating billions in profits. Apparently, protecting the profits for these banks is more important."
ORIGINAL POST:
An effort to embarrass conservative Democrats and Republicans in the state legislature may actually end up embarrassing liberal Democrats: A progressive bill they're backing that would close an $83 million tax loophole for big banks and use the money to fund K-3 education is in jeopardy of flopping today.
The bill, sponsored by Rep. Laurie Jinkins (D-27, Tacoma) in the house and Sen. Phil Rockefeller (D-23, Bainbridge Island) in the senate, needs a two-thirds vote to pass because it closes a tax loophole, ie, it's a revenue bill. There was never an expectation that the bill would get a two-thirds majority—Republicans and conservative Democrats don't support the bill. However, liberals had hoped to embarrass the conservatives by at least getting the bill to the floor and making them vote against it: "Choosing banks over school kids," as Rockefeller's office puts it.
However, while the house ways and means committee (after quite a hearing) passed the bill—where it's now in the queue, Rockefeller's senate version may not come up at all.
Ways and means chair Sen. Ed Murray (D-43, Seattle) acknowledged today that he might not have the Democratic votes to move it out of committee and to spare everyone an embarrassing vote, he may choose not bring it up, he says.
One of those Democrats is Sen. Craig Pridemore (D-49, Vancouver). Pridemore tells PubliCola that he is a definite 'No' vote, explaining that his district voted 2 to 1 in favor of the two-thirds rule and doesn't want him to raise taxes.
We have a call in to the other reported 'No' vote on the Democratic side, Sen. Rodney Tom (D-48, Bellevue).
