US Tax Bill Clears Senate
15 December 2010
US President Barack Obama arrives to speak about the tax legislation working its way through Congress during a statement in the Eisenhower Executive Office Building adjacent to the White House in Washington, DC, Dec 15, 2010
In a rare show of bipartisanship, the Senate voted 81 to 19 to extend existing federal tax rates for all income levels. Those tax rates are set to rise beginning next year - an outcome neither party wants at a time of chronic economic weakness. The bill also extends federal jobless benefits, limits inheritance taxes on multi-million-dollar estates, and trims worker payroll contributions to Social Security. The bill would increase spending and shrink revenue, sharply boosting federal indebtedness over the next two years.
A common refrain from liberal and conservative senators alike: The tax deal is flawed, but better than doing nothing.
Republican Senator Jon Kyl of Arizona said, "Nobody thinks this is a perfect bill."
The senator explained his "yes" vote this way: "While any increase in the deficit is unwelcome, the overall merits of this bill, including preventing a massive tax increase - one for each and every taxpayer - outweigh [concerns about] that deficit increase, in my opinion."
At the other end of the ideological spectrum, California Democratic Senator Barbara Boxer said dire economic conditions make the tax deal necessary. "I voted for this bill because I think our economy continues to be in a fragile state when it comes to job growth."
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