Sen. Max Baucus, D-Mont., will be pushing hard for his tax legislation in the U.S. Senate today as senators meet in an unusual Saturday session.
Baucus, chair of the Senate Finance Committee, has introduced legislation that would extend the Bush-era tax cuts for people earning less than $250,000 a year, while repealing them for people making more than $250,000.
Unlike a bill passed by the House of Representatives earlier this week, Baucus' legislation would also reform the estate tax and extend tax credits for renewable energy.
The tax cuts expire on Jan. 1 unless they are renewed during the present lame-duck session of Congress.
Republicans have called for extension of all Bush tax cuts, while Democrats, such as Baucus, say that people making more than $250,000 per year should should revert to the pre-Bush era rates.
Baucus said that under his bill, family-owned ranches and farms would be exempt from paying estate taxes, as long as a family member was remaining.
A Republican filibuster of the Baucus legislation is considered likely.
Should the Baucus legislation be blocked today, Baucus said he would "try, try again."
"I've got to fight for what I think is right," he said during an telephone press conference with Montana reporters Friday afternoon.
Baucus also called on his colleagues to extend unemployment benefits for long-term jobless people.
The benefits expired earlier this week.
Democrats want the benefits extended, while Republicans oppose extension, at least until a way is found to pay for the benefits without adding to the ballooning federal deficit.