The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.
The legislation, known as the Family and Business Tax Cut Certainty Act of 2012, promises to provide more certainty to tax professionals and critical support for working families and businesses across the country and prevents middle-class families from being hit by the alternative minimum tax for two years. The committee approved the bipartisan bill by a vote of 19 to 5.
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