user id:

password:

login action:


Tax Cuts Pass | $146 Billion Package Moves Forward

The House and Senate voted last night to extend a number of tax cut provisions that were due to expire, at a cost of $145.9 billion.

Included in the package are a number of tax breaks for individuals, including an extension of the current child tax credit, 10% income tax bracket, exemption from the alternative minimum tax and the current married couple deduction. Extensions of tax cuts for business and investors were also included, totaling $13 billion.

Democrats fought unsuccessfully to have revenue-raising offsets included in the package. Republicans argued that no offsets were needed, hoping to build support for the still-stalled corporate tax bill. The debate over whether to raise revenue to pay for tax cuts is sure to reignite when that measure is brought to the floor.