The Senate has voted to extend $340 billion worth of President Bush's tax cuts that were due to expire in 2010, but has rejected extensions of some other tax cuts.
The Senate voted 99-1 to pass a Democratic amendment to extend a 10 percent tax rate mainly geared to low-income taxpayers, in addition to marriage penalty relief, the $1,000 per child tax credit, and tax cuts for people in the military on Thursday. However, it voted by 52-47 against a Republican amendment that would have extended $376 billion of tax cuts in higher income brackets. On Friday, the Senate passed the overall $3 trillion budget plan for fiscal 2009, which aims to balance the budget by 2012.
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