WASHINGTON—The Senate unveiled final details of a broad tax bill—and its 10-year price tag of $858 billion—and began debate Thursday night on the package, a significant step after two years of gridlock over how to treat expiring tax cuts enacted under former President George W. Bush. Without action, income taxes on nearly every American are due to rise on Jan. 1.
The Senate has moved quickly after Mr. Obama and Republican leaders unveiled the package Monday, with a key test vote now scheduled for Monday. The bill is expected to pass with support from most Senate Republicans and a substantial number of Democrats, after lawmakers agreed to extend expiring subsidies for ethanol and other alternative-energy sources. Backers now include Senate Majority Leader Harry Reid (D., Nev.), who had been withholding support over the bill’s tax cuts for upper-income taxpayers.
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