This exciting news just broke on the Rachel Maddow show, in which she showed a clip from moments ago of Harry Reid making the announcement.
All the talk of voting on 'dueling tax cut' concepts, i.e. Schumer's millionaires idea, has apparently fallen apart, and Reid confirmed that the vote on Saturday will be ONLY for the bill just passed by the House, that is, on the first 250,000 dollars of income.
Confirmed by Reuters:
A bipartisan deal to vote on dueling tax packages fell apart late on Thursday and the Democratic Senate leader will instead set votes on his party's plans to extend only some Bush-era tax cuts, an aide said.
full Reuters mini-article here:
http://www.reuters.com/...
I don't think Reid and the Democrats would have worked until nearly 10pm EST to arrange this vote if he didn't have the votes.
Even if the Rethugs are able to filibuster, they will be naked before the world denying 95% of all Americans a tax cut so that their billionaire overlords could get their bonus.
This is massive win, IMO. If the House vote was 'chicken crap', I can't wait to hear what Boehner calls the impending Senate vote! Teehee.
UPDATE: From the comments, something that occured to me:
Perhaps this was part of the plan all along?
If POTUS was feigning acquiescence, it could well be the most brilliant FU to the rethugs of all time. Then again, I'm biased (see my sig :))
UPDATE 2: Kosack Timbuk3 has a better description of the tax cut we will be daring the Republicans to filibuster:
The TeaOP is voting against tax cuts for EVERYONE to defend a SPECIAL cut available only to the very wealthiest 1 or 2%.
UPDATE 3: There seems to already be a big attempt afoot to spin this thrilling development as somehow bad for Democrats (I know - lolz). So please rec this diary! :)
UPDATE 4: Just released video of Rep. Grayson on the house floor yesterday, talking tax cuts - a beautiful thing to watch:
Discussion of this masterful speech can be found in Ministry of Truth's diary, which I accidentally stepped on:
http://www.dailykos.com/...
Oops. No matter; more eyes = more better. :)
UPDATE 5: From Talking Points Memo, a brand new poll shows only 26% of Americans want tax cuts extended for the wealthy:
Despite House Republican leader John Boehner's assertion that Republican's would "stop all the tax hikes" a CBS News poll released Thursday found that a majority of Americans would rather see tax cuts for the wealthiest Americans expire while extending them for everyone else.
full TPM article here:
http://tpmdc.talkingpointsmemo.com/...
UPDATE 6: From Reuters, some details on what's in the tax cut bill that Senators will be voting on tomorrow:
The Middle Class Tax Cut Act of 2010 would make permanent Bush-era tax cuts for income of up to $200,000 for individuals and $250,000 for families. The 10, 15, 25, 28 and 33 percent tax rates would be made permanent. Without congressional action, tax rates for these income levels rise to 15, 28, 31 and 36 percent next year.
* The current 15 percent capital gains tax rate would be made permanent for individuals making up to $200,000 and families making up to $250,000. The rate rises to 20 percent for incomes above these levels.
* The $400 "making work pay" tax credit for all working Americans would be extended through 2011.
* Makes permanent the child tax credit.
...
(bolding by diarist - nice title for the bill, no? :))
full Reuters article here:
http://www.reuters.com/...