Senate tax cut bill gets approved easily
by, 01-13-2011 at 01:38 AM (591 Views)
Very little resistance was offered as the Senate tax cut bill passes by a huge border. The bill will prolong the Bush tax cuts and produce some other key changes. The bill still must pass the House to turn into legislation. Senate Bill 1108,
Passing the senate tax bill was easy
A lot of eyes have been on Washington, D.C., to see whether the Senate would pass the tax bill to extend the Bush era tax cuts. It's the most significant piece of legislation before the "lame duck Congress" is set to begin next year. An 81 to 19 vote happened within the Senate to pass the $858 bill. This is what the new York Times reports. Senate Majority Leader Harry Reid (D-NV) hailed the tax cut bill passing as an act of great cooperation between the two parties to accomplish a significant task on behalf of the American people. The only problem was 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 bill will extend the tax cuts from the Bush administration. The boost in taxes for the richest 2 percent of earners is canceled. In 2011, the estate tax can be continued. An estate can be taxed if it is over $5 million for individuals or $10 million for couples. It can have a 35 % tax then. Any states with an unemployment rate over 8.5 % can be getting unemployment benefits extended from 26 weeks to 99 weeks. 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. There is a democratic majority within the House at present. It will only be an additional couple weeks before the Republican majority lame duck session begins. The compromises within the bill made a lot of democrats upset. However, should the House not pass it, income taxes will rise for all Americans in 2011.
New York Times