Senate Passes Tax Cut Extension

By Scott Sarvay

December 15, 2010 Updated Dec 15, 2010 at 5:41 PM EST

WASHINGTON (Indiana’s NewsCenter) – The heavily debated tax cuts and unemployment benefits bill has passed the Senate.

The $858 billion tax cut package extends the Bush-era tax reduction that was set to expire at the end of the month.

The package includes a two-year extension of the Bush-era tax cuts, an extension of unemployment benefits for an additional 13 months, cuts the payroll tax by 2 percentage points for a year, restores the estate tax at a lower level and continues a series of other tax breaks.

The measure, which passed 81-19, now advances to the House of Representatives. If the House passes a bill that differs from the Senate version, the revised package would need to return to the Senate for another vote.




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