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Senate Passes Middle Class Tax Cuts

The measure heads to the U.S. House where a political showdown is looming.

The U.S. Senate on Wednesday narrowly approved a plan to extend the Bush-era middle class tax cuts to all households earning less than $250,000, with Connecticut Independent Joseph I. Lieberman joining Republicans to vote against the plan and Democrat Richard Blumenthal voting with the Democrats.

The measure passed the Senate on a vote of 51-48 and sets the stage for a political showdown next week in the U.S. House of Representatives. It is also expected to become a central issue in the presidential race.

Democrats want to limit the tax cuts, first approved during the presidency of George W. Bush, only to those making less than $250,000. Taxpayers making more than that are within the top 2 percent of income earnings in the country.

Republicans, however, argue the tax cuts should be extended to all Americans.

Russ July 27, 2012 at 02:57 AM
@aVisitor - I find your comment to be pretty funny on a number of levels. 1) The economic success you claim is due to the Internet "bubble" - which apparently was not headed off by the tax increases. If you're going to argue that higher taxes destroy the economy, then don't you have to accept that higher taxes should have killed the bubble? That small business owners would have been deterred from creating jobs due to that incremental 4 or 5% more in taxes that they would have been paying under Clinton? I'll also point out that Bush lowered taxes and Obama lowered taxes further, and the economy hasn't been anywhere close to that good since. 2) No argument from me that deregulation was a bad idea - see repeal of affiliation rules in Glass Steagall. But, I hope you do realize that I'm those de-regulatory moves that Clinton made was widely supported, if not sponsored, by the GOP. Did I mention that Greenspan was appointed by Bush the Senior and that those loan policies continued for almost the entirety of Bush's 2 terms? You can't just say that everything is Clinton's fault. 3) Seriously, dude you want to blame CLINTON???!!!! for 9/11 - and then tell me to lay off the drugs. Why b/c he didn't invade Afghanistan after the first WTC bombing? 9/11 happened under Shrub, in case the hash pipe has clouded your memory.
Anthony Veritas July 27, 2012 at 03:08 AM
Weirdo????? who's the guy hiding his money in the mattress? LMAO ! You spent too much time with the Bama rednecks boy!
Anthony Veritas July 27, 2012 at 04:56 AM
where is your proof to support your SICK lies A-Hole ?
Anthony Veritas July 27, 2012 at 04:58 AM
where is your PROOF a-hole? Of course you have NONE !
WaxyGordon July 27, 2012 at 01:22 PM
"The upper class: keeps all of the money, pays none of the taxes. The middle class: pays all of the taxes, does all of the work. The poor are there...just to scare the shit out of the middle class." - on the economic and social classes in America

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