Senate Passes Tax Legislation

The NY Times is reporting the US Senate has passed the tax legislation recently proposed by President Obama and Congressional Republicans.  The vote total was 81 to 19.  On Thursday the House will vote on the legislation, and although there is some concern over the legislation, primarily the estate tax provisions and a potential amendment, it appears it will also pass through the lower chamber as crafted.

The NY Times reports

The Senate on Wednesday approved the $858 billion tax plan negotiated by the White House and Republican leaders, and House Democrats said they expected to pass the bill on Thursday after a final, and seemingly futile, effort to change a provision that benefits wealthy estates.

The article continued

And it would set new estate tax parameters, including the exemption of $5 million per person, or $10 million per couple, and a maximum rate of 35 percent. All these provisions would last for two years. The estate tax lapsed entirely this year, but was set to return on Jan. 1 with an exemption of $1 million per person and a maximum rate of 55 percent.

To read the full NY Times article, click HERE.