Senate advances Obama’s tax plan
Voting almost entirely along party lines, the Democratic-led U.S. Senate has approved a bill that would extend Bush-era tax cuts for all but the wealthiest 2 percent of Americans. The bill now heads to the Republican-led House of Representatives, where its chances of passing are much slimmer.
The bill, which would end the Bush tax breaks only on annual household income in excess of $250,000, passed 51-48 on July 25, with one Republican not voting. All but one Senate Democrat supported the bill, including New Hampshire’s Jeanne Shaheen. All Republicans opposed it, including New Hampshire’s Kelly Ayotte. Independent Democrat Joe Lieberman also voted against the bill.
On the same day, the Senate rejected a bill that would have extended the Bush tax cuts for all Americans, regardless of how much they make. All but one Democrat voted against the bill. Susan Collins of Maine was the only Republican to vote against it. Lieberman and Independent Bernie Sanders also voted against it.
The bill approved by the Senate closely follows President Barack Obama’s proposed tax plan. Both bills will probably go before the full House on Aug. 1 or 2, where their fates will likely reverse, as Republicans have a majority in the House.
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