The Senate passed a bill that would keep the alternative minimum tax from spreading to 23 million taxpayers, but without including any of the offsetting revenue-generating provisions included in a version of the bill passed last month by the House.
Despite pledges to adhere to "pay-as-you-go" rules to offset any tax cuts with corresponding increases in revenue, Senate Democrats bowed to pressure from the White House and Senate Republicans, who succeeded in blocking a version of the bill that included controversial provisions such as a tax increase on the salaries of managers of hedge funds and private equity firms. The bill passed on an 88-5 vote.
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