The U.S. Senate approved the tax bill by a very vast border after compromises by both sides of the aisle. The bill extends the Bush era tax cuts. You will find various other key provisions like joblessness benefits and estate taxes. The bill still has to be voted on by the House before it goes to the desk of the President. Source of article - Senate tax cut bill passes by incredibly wide margin by MoneyBlogNewz
Huge yes vote on senate tax bill
The Senate in Washington D.C. has been viewed closely lately. Numerous wanted to know if the Bush era tax cuts would be extended with the tax bill. The last legislation to pass before the “lame duck Congress” starts next year is this. It is one of the most significant anyway. The Senate voted in favor of the $858 billion bill by a margin of 81 to 19, as outlined by the brand new York Times. Senate Majority Leader Harry Reid (D-NV) hailed the tax cut bill passing as an act of great cooperation between the two parties to achieve a substantial task on behalf of the American people. The only problem was that the House of Representatives still had to pass the bill before it could become the law. It has passed the House now too though.
Tax cut bill facts
The tax cuts from the Bush administration could be extended with the tax bill. The increase in taxes for the richest 2 % of earners is canceled. The way the estate tax is now will continue. This will go into 2011. Estates left to heirs totaling more than $5 million, or $10 million for couples, could be taxed at 35 percent. Unemployment benefits could be extended because of the bill from 26 weeks to 99 weeks. This is only for states that have unemployment rates over 8.5 percent. The bill also cuts payroll taxes for Social Security for workers earning $106,000 a year or less.
Bill seeing House now
In order for the bill to become law, it has to be passed by the House of Representatives. Currently, the House has a Democrat majority, as the Republican majority of the upcoming lame duck session has not yet been seated. Numerous democrats weren’t happy about the compromises made in the bill. That is why many democrats voted against it within the House. However, should the House not pass it, income taxes will rise for all Americans in 2011.
New York Times