Mid-week Update, July 18

Here’s the mid-week update from our Hill Sources.

• S 3393 The Middle Class Tax Cut Act, from Sen. Harry Reid: Introduced Tuesday, this Senate Democratic bill would extend the 2001/2003/2009 tax levels for income below $250,000, but would allow taxes to increase above that level. It would also reimpose the estate tax, and set a 20 percent capital gains tax rate for high-income earners.

  The bill reflects President Obama’s call allow rates to increase on higher-income earners; while Republicans oppose any tax increase. House Republicans are expected to push through a bill maintaining current rates later this month.

• S 3369 The DISCLOSE Act, which would require groups to report campaign spending to the government above $10,000.

  The Senate tried twice to advance this bill this week, but Senate Republicans did not support it and it failed to gain the 60 votes required to advance.

• S 3364 The Bring the Jobs Home Act: This bill would restructure tax incentives to encourage companies to “insource” jobs back to the United States.

  The Senate could hold a procedural vote on this bill by Thursday.

• HR 5856 The Defense Appropriations Act: The House is likely to approve this bill Friday.
• HR 5872 The Sequestration Transparency Act: This bill, expected to be approved Wednesday, would require the administration to issue a report to Congress on its plans for dealing with the spending “sequester,” required under last year’s debt-ceiling agreement.

The House approved a handful of bills on Tuesday:

• HR 6018 To authorize appropriations for the Department of State for fiscal year 2013.
• S 1959 The Haqqani Network Terrorist Designation Act, requiring a report from the administration on whether this group should be designated as a terrorist organization.
• S 2009 The Insular Areas Act, adjusting policies in U.S. island territories.
• S 2039 To allow a State or local government to construct levees on certain properties otherwise designated as open space lands.
• S 2165 The US-Israel Enhanced Security Cooperation Act: This bill strengthens U.S.-Israel military ties, and also expands a decade-old loan guarantee program for Israel.