Treasury Secretary John Snow predicted that Congress would probably extend a number of tax cuts when it returns in session, according to reports.

Snow, in a speech before the U.S. Chamber of Commerce projected that as a part of the tax reconciliation legislation, lawmakers would work to make the extensions permanent in particular, the 15 percent reductions on capital gains.

As expected, the battle over extensions is split between party lines. The GOP wants the cuts -- particularly the reductions on investment taxes -- to be included in the final version of the reconciliation bill. Democrats, meanwhile, are working toward elevating the exemption levels of the controversial Alternative Minimum Tax, thereby reducing the number of taxpayers who may be liable.

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