Senate Passes $858B Tax-Cut Bill

The US Senate has officially passed the $858 billion bill which extends the Bush-era tax cuts, among other issues. The measure, which was approved in a resounding 81-19 vote, will now move onto the House of Representatives.

Democrats are expected to show more opposition to the current version of the bill as it passes onto the House as many feel that the tax cuts should not be extended to high-income taxpayers.

In its current form, the bill will extend all tax cuts on income, capital gains and dividends through 2012. Additionally, unemployment benefits such as insurance and payroll taxes will be extended through next year.

Finally, tax breaks for R&D and a college tuition credit will be pushed back until the end of 2012.

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