Saturday, December 04, 2010

House Passes Legislation to Extend Only Some Tax Cuts

On Thursday the House of Representatives passed legislation to extend some of the expiring Bush-era tax cuts. 234 members voted for the bill, while 188 voted against it. The legislation now heads to the Senate, where it is expected to struggle. When are we going to see a final decision?!

The reports:

    Twenty Democrats broke with their party and voted against the bill after 33 had defected in a previous test vote. Most of those who voted with Republicans on the first ballot were members of the centrist Blue Dog Coalition, and many lost their bids to be reelected last month.

    Speaker Pelosi gaveled the vote to a close herself, receiving a smattering of applause from Democratic members. The bill extends only the cuts for the middle-class, letting tax breaks end for families earning more than $250,000 per year and individuals making more than $200,000. Congress originally authorized the cuts in 2001 and 2003.

    Three Republicans, Walter Jones (N.C.), Ron Paul (Texas) and John Duncan (Tenn.), voted with Democrats to renew only the middle-class cuts.

Read more here

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