Thursday, December 16, 2010

Just in from Washington

Tax Voting Set to Begin at Noon Today in Senate

Washington--Senate voting on the extension of 2001 and 2003 tax cuts is set to begin at noon today. The voting will begin on three motions to suspend the rules before advancing to the final vote on the legislation.

Farm Bureau supports the $859 billion bill, which would extend all existing individual income tax rates for two years and set the estate tax exemption at $5 million with a maximum rate of 35 percent. The bill also continues the 15 percent tax rate on dividends and capital gains and raises the alternative minimum tax exemption level through 2011.

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