WASHINGTON, May 11 (Xinhua) -- The U.S. Senate approved on Thursday a tax-cut bill totaling 70 billion dollars, clearing it for the signature by President George W. Bush.

    The bill passed the U.S. Senate with a vote of 54-44.

    The legislation provides a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.

    It also will extend for one year recent changes to the alternative minimum tax -- originally aimed at making sure the wealthy pay at least some taxes -- to prevent it from hitting more upper middle-income families.

    The U.S. House of Representatives also approved the bill on Wednesday with a vote of 244 to 185. Enditem