House Votes To Extend Bush Tax Cuts For All
On Wednesday, the House voted to extend the Bush tax cuts across all income levels. The House rejected a bill sponsored by Democrats that would deny the tax cuts to incomes above $250,000.
Nineteen Democrats joined all but one lone Republican to extend the Bush tax cuts, which passed 256-171.
The Senate bill, which would only extend the tax cuts to income below $200,000 for individuals or $250,000 for families, was defeated in the House, 170-257.
President Barack Obama would veto the House bill, so the House vote was largely symbolic.
Details about whether to extend the Bush tax cuts will occur during the lame duck session of Congress, and Democrats have publicly threatened to take the country over the fiscal cliff by allowing the tax cuts to expire.