Senate Approves Tax Cut

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Burning the midnight oil in Washington, the Senate has approved another big tax-cut bill.

The vote was 64 to 33.

The Senate plan would largely preserve tax cuts enacted earlier. Pennsylvania Republican Rick Santorum calls it the "Tax Increase Prevention Act." And it also plugs a loophole that will otherwise mean higher taxes for roughly 14 (m) million families. It would keep them from getting hit by the so-called alternative minimum tax, which was designed to make sure rich people pay at least something.

President Bush has threatened to veto the legislation if the final product contains a Senate provision that amounts to a back-door tax hike for big oil companies.

The House version is scheduled for debate today.