Senate passes package extending Bush tax cuts

WASHINGTON – The Senate has passed a sweeping tax package that would save millions of Americans thousands of dollars in higher taxes for the next two years while also reducing their Social Security taxes and extending jobless benefits.
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.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. APs earlier story is below.
WASHINGTON (AP) — The Senate cleared the decks Wednesday for a final vote on a sweeping tax package that would save millions of Americans thousands of dollars in higher taxes next year while also reducing their Social Security taxes and extending jobless benefits.
The package will then go to the House, where Democrats are fuming over extended tax breaks for the wealthy that President Barack Obama negotiated with Senate Republicans. House Democrats are considering possible changes, perhaps holding a vote to enact a higher estate tax than Obama negotiated.
A wide range of tax cuts enacted under President George W. Bush is scheduled to expire in just two weeks. The bill being voted on in the Senate would extend them for two years.
The Senate, which is expected to pass the bill with broad bipartisan support, debated several amendments Wednesday morning. One would make the tax cuts permanent, one would pay for ...