Senate Minority Leader Mitch McConnell (R-KY), Senate Finance Committee ranking member Charles Grassley (R-IA), and a pair of their caucus members are promulgating ($) new language on legislation that would extend a bevy of tax cuts for another year (collectively known as "extenders") and a one-year AMT patch. The total cost of the bill would be $130 billion; the AMT portion of the measure is about $62 billion. The language would partially offset the revenue loss with unspecified "spending reductions and appropriate revenue raisers for new tax relief policy." Not exactly something to pin all your fiscal responsibility dreams on, but consider this is a step forward for Republicans who are generally allergic to shifting the tax burden from one group to another (usually wealthy) group. Although, credit should also be given to Congress members who found a loophole so politically repugnant, that the staunchest of revenue-phobes ([cough] McConnell [cough]) would have a difficult time explaining a "no" vote. The provision in question closes a loophole by which special taxpayers -- like hedge fund managers -- use offshore tax havens to shelter income. Grassley explains the loophole quite well: So, if a teacher donated his or her entire salary to a charity, he or she would only be able to claim about half of that as a deduction. Meanwhile, a hedge fund manager who sheltered income in the Grand Caymans would be allowed to claim a deduction for the entire amount of his or her sheltered income.