Senate Unveils Tax Bill as House Balks at Obama Deal

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Senate Finance Committee Chairman Baucus's bill to extend all of the existing tax rates from the 2001 and 2003 tax cuts retains all of the major provisions of President Obama's agreement with Republicans, including the controversial 35 percent estate tax rate. Senate Majority Leader Reid says he intends to file a cloture motion that would set the Senate up for a Dec. 13 vote to limit debate on the bill. Baucus's bill would also put in place a two-year alternative minimum tax “patch,” a two-year extension of popular tax breaks such as the research and development tax credit, and an extension of several tax credits created to stimulate the economy under the American Recovery and Reinvestment Act.