The vote for the tax cut bill is near to passing the United States Senate with compromises. The bill, which would extend the Bush tax cuts, has been approved to proceed to a Senate vote. If it passes the Senate, it will have to pass the House of Representatives by Friday to take effect.
Senate votes to debate tax cut bill before voting on bill
Though the inner workings of legislatures are tedious, there are procedures that will have to be followed before the tax cut bill can be voted on. Currently, the tax bill that may extend the Bush tax cuts is getting the path cleared for a vote in the Senate, according to USA Today. All told, 79 Senators voted to bypass procedural rules and begin debate on the tax bill. Final debates are heard just before a legislative body votes on a law, and there has already been intense debate over whether this bill should be passed, and in what form. Senator Bernie Sanders (I-VT) filibustered for more than eight hours to try to kill the bill before it was voted on.
Bill has to pass before House vote
Should the tax bill pass the Senate, it will have to go to the House of Representatives to go through House revisions. If the House of Representatives passes the bill, the Senate has to reconcile and approve any revisions before it can go to the desk of the president. In its present form, the Bush era tax cuts across all income levels will be preserved, as well as an unemployment benefits extension which is set to run out soon. The bill, all told, totals about $860 billion.
Estate of confusion
The bill would also serve as an extension of cuts in payroll taxes. The estate tax will be reinstated at 35 percent on estates of $5 million or more. If the bill does not pass, the estate tax will revert to the pre-Bush rate of 55 percent on estates of $1 million or more. There was no inheritance tax for 2010.