Top Dem Thinks There Is Wiggle Room on Tax Bill

Like just about everyone else, House Majority Leader Steny Hoyer thinks the tax bill will be passed, but not before some changes are implemented -- specifically, the 35 percent estate tax provision that exempts the first $5 million of estates. Instead, Hoyer wants a 45 percent tax exempting the first $3.5 million of inherited estates.

Hoyer also didn't write off the possibility of Congress sticking around until Christmas to finish the bill, similar to the process Democrats implemented to pass the health care during the holidays last year. Under the new Republican Congress, there will be no such votes -- but until they take office, late-night and weekend politicking still rules the roost.

What's Hoyer's reaction to being run over by Republicans on the tax issue? It's what he intended, of course. Politico:

We will pass a bill, as opposed to simply not passing anything. We’re going to have a vote on the Senate bill with possible changes. We’ll see what the process is.