The Congress on Tuesday gave its final nod to a major tax package affecting millions of individuals and businesses, enabling taxpayers like retailers, banks, teachers and commuters to keep their temporary tax breaks for another year.
The last-minute bill would extend through the end of the year the expired tax breaks and hence will allow the taxpayers to claim them while filing their tax returns for 2014. But their fate will again turn uncertain beyond this year.
According to the reports, the massive tax package will now go to US President Barack Obama to get signed. It would add about USD 42 billion to the budget deficit of the country over the next 10 years, as per the congressional estimates.
The massive tax program will include 54 tax breaks and will benefit big corporations as well as small businesses, struggling homeowners and also those living in states having no state income tax. There are also more narrow provisions included in the tax program offering tax breaks for racehorse owners, filmmakers and rum producers in the Virgin Islands and Puerto Rico.
For approving the crucial tax package, the Senate voted 76-16 in the Congress on Tuesday evening. The lawmakers were seen rushing to finish their work before heading for the breaks. The House had passed the bill in the early days of December.
Meanwhile, the lawmakers from all the political parties expressed their disappointment over being unable to extend the tax breaks beyond this year.