Tuesday, September 30, 2008

Senate Bailout Bill Adds Tax Cuts

These add-ons to the bailout bill are getting better and better.

The Senate measure will graft the bailout language to a tax bill it approved last week, on a 93-2 vote. It includes: a provision to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana and some $78 billion in renewable energy incentives and extensions of expiring tax breaks.

So we get a reduction in the people hit by the AMT, tax relief for people hit by natural disasters, more renewable energy incentives, and some tax breaks for businesses I think. It seems like this may be the bipartisan buffet bill with a little something for everyone.

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