Senate keeps middle class tax cuts

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Thursday, July 26, 2012

The Senate approved a plan to preserve tax cuts for the middle class while letting them expire for the wealthy.

The measure is dead on arrival in the Republican-controlled House, where leaders are preparing to vote next week on their own plan to extend the George W. Bush-era tax cuts for households at every income level through 2013.

But Democratic lawmakers said the Senate’s 51-48 vote is a political breakthrough that strengthens their election-year argument that Republicans are holding tax cuts for the middle class hostage in order to maintain breaks worth $160,000 a year to the average millionaire.

Read more at The Washington Post.

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Guest
0 #1 Equal share of the burdenGuest 2012-07-27 00:35:34
Either we all get tax cuts or no one gets them - especially when the job creators are disproportionat ely among those earning higher wages, many of whom gave up years of salary in order to invest and re-invest in their businesses. We already know that if we took ALL the money from the high income earners that it would only pay for a day or two of the federal budget because of reckless spending. time to stop spending our money and get our fiscal house in order.
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Guest
0 #2 PresidentGuest 2012-07-28 18:09:06
Cash is piling up for big businesses because they won't bother to expand while demand for their products remains flat. Clearly their consumers could use more resources in the marketplace, which could happen through a rollback of their tax rates.
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