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  US House votes to keep Bush middle class tax cuts

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mrblack0301



Number of posts : 119
Registration date : 2011-08-07

PostSubject: US House votes to keep Bush middle class tax cuts    Sat Aug 20, 2011 10:44 am

The Democratic-led bill keeps tax rates low for Americans making less than $200,000 (128,122) a year.

Those rates were enacted by President George W Bush and the Republicans in 2001 and 2003.

The bill is expected to fail in the Senate, where Republicans favour low rates for all taxpayers.

The tax cuts are due to expire at the end of this year.

Rates for all US taxpayers would then rise, potentially hindering the country's fragile economic recovery by decreasing the amount of money Americans have available to spend.

Negotiations on tax issues continue between the White House and Republican leaders, following a bipartisan summit on Tuesday.

Recession fears
The bill passed by 234 votes to 188 in the House would permanently extend the lower tax rates for individuals making less than $200,000 a year and for households making less than $250,000 a year.

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The president continues to believe that extending middle-class tax cuts is the most important thing we can do for our economy right now

Robert Gibbs
White House spokesman
The House measure is expected to fail in the Senate, where the Democrats lack the votes to push it through against Republican opposition.


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