Congress-Taxes

The Senate is expected to vote today on a bill providing tax relief to investors and 15 million taxpayers facing the alternative minimum tax.

The proposal calls for 70 billion dollars in tax cuts over a five year period.

It cleared the House yesterday.

The measure is a top priority for the president, who says tax cuts will help keep the economy "strong and growing."

He says he'll sign it.

The bill extends the maximum 15 percent tax rate on capital gains and dividends for two years, to 2010.

It also moves to protect 15 million middle-income taxpayers from being hit by the Alternative Minimum tax.

The House approved the bill in a mostly-party line vote of 244-to-185.

Republicans say the lower tax rate, first enacted three years ago, has given the economy a huge boost and created millions of new jobs.

Democrats charged the bill gives the rich thousands of dollars in tax breaks and ignores average Americans.


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