Senate Goes for $70 Billion in Tax Cuts

A $70 billion tax cut bill recently passed by the U. S. Senate includes as its centerpiece a one-year deferral on the alternative minimum tax (AMT) for middle-income families. The politically controversial capital gain and dividend cuts are extended two years (to 2010). Other provisions include a business research and development credit and extensions of dedcutions for college tuition, K-12 teacher expenses and a credit for low-income savers.