House Approves Tax Cuts For The Middle Class Earning Less Than $250,000

Posted By on December 2, 2010

We’ll have to see how this plays out in the U.S. Senate over the next few days and weeks.  But as everybody knows, time is running out for 2010. 

WASHINGTON…..The U.S. House of Representatives approved legislation to make permanent tax cuts only for households earning less than $250,000 in a symbolic vote aimed at the Democratics as the expiration of the Bush tax cuts gets closer by the day.

The vote was 234-188, with 20 Democrats joining Republicans in opposition to the bill.

Democrats don’t have the votes in the Senate to pass a bill that extends only the middle-class cuts. Republicans and centrists such as Sen. Joe Lieberman (I., Conn.) insist that all the tax cuts be extended, including those for the wealthy.

Negotiations with Obama administration officials will continue to try and reach a bipartisan deal. The most likely outcome, according to congressional aides, is a temporary extension of all the tax cuts. If Congress doesn’t act by Jan. 1, tax cuts in place since 2001 will expire.

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