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Tax-cut Proposal Progresses in the Senate

Yesterday, senators voted 83 to 15 to end debate and proceed to a final vote on President Obama’s tax proposal. The Senate is expected to conduct a final vote on the tax-cut package as early as this evening. Democrats have voiced frustration at the extension of Bush-era tax for an additional two years, which would add $900 billion to the deficit. Many Democrats also expressed concern about the estate tax exemption for inheritances of up to $5 million. House Speaker Nancy Pelosi (D-CA) clarified in her statement, “The Republican demands would provide tax cuts to the millionaires and billionaires, fail to create jobs and increase the deficit. And to add insult to injury, the Republican estate tax proposal would help only 39,000 of America’s richest families, while adding about $25 billion more to the deficit.”

Sources:

Washington Post 12/14/10; New York Times 12/13/10; Feminist Daily Newswire 12/8/10; Statement of Nancy Pelosi 12/7/10