The Senate on Wednesday overwhelmingly passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 by a vote of 81-19, The tax package, which extends the Bush-era tax rates for two years and extends unemployment insurance for 13 months, now goes to the House, where it is expected to be considered on Thursday.
House Majority Leader Steny Hoyer, D-Md., said in comments on Dec. 13 that both the House Ways and Means and Rules committees would consider the bill before it comes to the House floor. Hoyer also said the House would attempt to make changes to the bill, particularly to the estate tax provision, which would set the estate tax personal exemption at $5 million and the maximum rate at 35% for two years.
The Securities Industry and Financial Market Association (SIFMA) applauded the Senate's passage of the bill. "The Senate took a critical step today toward putting the economic recovery on ground by providing America's investors the necessary certainty they need," said Kenneth Bentsen, SIFMA's executive vice president of public policy. "Maintaining current tax rates on capital gains and dividends over the next two years will help encourage savings and investment, thus promoting economic growth and job creation."