Senate Votes to Extend Bush Tax Cuts

In a largely party line vote of 54 to 44, the U.S. Senate today gave the final approval of Congress to a bill extending President Bush’s $70 billion tax cut package. The Tax Relief Extension Reconciliation Act extends tax breaks on capital gains and dividends until 2011 and adjusts the unpopular alternative minimum tax to apply to fewer middle-class taxpayers.

Having passed the House on Wednesday, the bill is now on its way to President Bush for his signature.