The Senate has passed legislation that would provide Americans with tax breaks they can claim on their 2014 returns.
The bill, which would cost approximately $42 billion over 10 years, would retroactively extend a package of expired tax breaks for 2014. It was the minimum lawmakers could do to prevent tax hikes for millions of individuals and businesses.
The approval capped a weeks-long drama where Senate Majority leader Harry Reid tried to broker a longer deal that angered Democrats left out of the talks - including Finance Committee Chairman Ron Wyden and the White House.
The bill will prevent millions of home owners from getting taxed on "phantom income" on their short sales which would have been devastating had the legislation not passed. The President is expected to sign the legislation soon. To be Below is a link on how your senators voted.
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00364
The bill, which would cost approximately $42 billion over 10 years, would retroactively extend a package of expired tax breaks for 2014. It was the minimum lawmakers could do to prevent tax hikes for millions of individuals and businesses.
The approval capped a weeks-long drama where Senate Majority leader Harry Reid tried to broker a longer deal that angered Democrats left out of the talks - including Finance Committee Chairman Ron Wyden and the White House.
The bill will prevent millions of home owners from getting taxed on "phantom income" on their short sales which would have been devastating had the legislation not passed. The President is expected to sign the legislation soon. To be Below is a link on how your senators voted.
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=113&session=2&vote=00364
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