The Senate passed a bill that would extend expiring tax cuts, patch the alternative minimum tax for another year, provide clean energy incentives and equalize the disclosure standards for tax preparers and taxpayers.
The bill won overwhelming support late Tuesday afternoon by a vote of 93-2. "This is must-do legislation," said Senate Finance Committee ranking member Charles Grassley (pictured), R-Iowa. "The AMT relief prevents 24 million families from facing an average tax increase of at least $2,000 each. We're extending tax benefits for middle-income taxpayers, including deductions for out-of-pocket expenses for teachers, sales tax and college tuition."
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