Senate passes package extending Bush tax cuts

WASHINGTON - December 15, 2010

The $858 billion package now goes to the House, where many Democrats are unhappy with a provision that allows estates as large as $10 million to pass to heirs tax-free. Democratic leaders, however, say they expect the bill to ultimately pass and become law.

A wide array of tax cuts enacted under President George W. Bush is scheduled to expire on Jan. 1 - just two weeks away - affecting taxpayers at every income level. The bill, which was passed by the Senate on a 81-19 vote would extend the cuts for two years.

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