Highlights of tax and spending legislation likely to be killed by a GOP filibuster on Thursday:
TAXES
_Extends for one year about $32 billion in tax breaks that expired in January, including a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and develop new products, and a sales tax deduction that mainly helps people in states without income taxes.
_Increases taxes on investment and hedge fund managers, venture capitalists and many real estate investment partnerships by $13.6 billion.
_Increases taxes on oil companies by $18.3 billion by raising from 8 cents a barrel to 49 cents a barrel the tax they pay into the Oil Spill Liability Trust Fund.
_Raises taxes on multinational companies some $14.5 billion by limiting their ability to use credits for paying foreign taxes to lower their U.S. tax liability.
_Raises $9.2 billion by requiring lawyers, doctors and other service providers to pay payroll taxes on income funneled through their businesses.
SPENDING
_$35.5 billion to continue unemployment benefits for the long-term jobless through November. In a majority of states, the unemployed could have received benefits for up to 99 weeks.
_$16 billion for states to help cover Medicaid costs and avoid layoffs of public employees.
_$6.5 billion to provide a six-month reprieve from a scheduled 21 percent cut in Medicare payments to doctors.
_$4.6 billion to settle long-running class-action lawsuits brought by black farmers and American Indians. One lawsuit concerned the government's management and accounting of more than 300,000 trust accounts of American Indians. The other is a discrimination lawsuit brought by black farmers against the Agriculture Department.
_$4 billion to expand the Build America Bonds program, which subsidizes interest costs paid by local governments when they borrow for construction projects.
_$1.5 billion in relief for farmers who suffered crop damage from natural disasters in 2009.
_$1 billion for summer jobs programs, for workers ages 16 to 21.
SPENDING CUTS
_$10.4 billion cut from last year's economic stimulus bill, mostly from reducing food stamp benefits starting in June, 2014. A family of four would have faced about a $45-per-month benefit cut.
_$1.2 billion from changes to a tax credit earned by the working poor.
_$2.1 billion from lower Medicaid payments for certain drugs.
Copyright 2010 AP News
