Yesterday the Senate passed the tax reconciliation bill in a 66-31 vote. The bill passes $70 billion in tax cuts, and makes way for conference negotiations with the House. Lawmakers will be facing a difficult conference because of differences that exist between the House and Senate versions of the bill, particularly regarding the extension of the cut in tax rates on capital gains and dividends through 2010. The passage of this bill comes one day after Congress finished work on a $40 billion budget reconciliation bill which cuts entitlement spending in an effort to scale down the deficit. If this tax bill is passed by Congress, however, a net of $30 billion will be added to the deficit. The major tax provision in this Senate bill blunts the effect of the alternative minimum tax. Democratic lawmakers made several attempts to attach amendments to the bill, but were largely unsuccessful. Sen. Kent Conrad (D-ND) made a noble but fruitless attempt to attach an amendment to offset the tax cuts. CNN.com: Senate Passes $70 Billion Tax Bill Washington Post: Senate Passes $70 Billion in Tax Cuts Over 5 Years Tax Notes Commentary: First, Do No Harm