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Senate Passes Bill Expanding Deductions for Married CouplesAired July 18, 2000 - 3:01 p.m. ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Bobbie, we're going to take you to Washington for live pictures. The Senate has passed a bill this hour that will provide tax relief to married couples. It is called the married tax relief bill, and it was passed. It just came through: 60 yes, 39 no. We're going to tell you a little bit about what this would mean to you.
First, it sets the standard deduction for couples at twice that of single filers, and it widens tax brackets for couples, so less money is taxed at a higher rate. Also, it allows more low-income married couples to claim the earned income credit.
Once again, the marriage tax penalty relief bill has been passed: 60 to 39. Clinton has threatened to veto it. We will continue to follow that story.
Our Kate Snow is on the Hill and will hopefully bring us more information. Now back to Bobbie and TALKBACK LIVE.
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