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Senate Approves Tax Cut Bill

by Associated Press posted Jul 25 2012 5:12PM
  WASHINGTON (AP) - The Senate has voted to approve a Democratic bill renewing tax cuts next year for all but the highest-earning Americans.
 
     The partisan 51-48 vote was a victory for Democrats and averted what would have been a campaign-season embarrassment for them and the White House. The bill closely follows the tax-cutting vision of President Barack Obama.
 
     The measure would extend tax cuts in 2013 that otherwise would expire in January. It would deny those reductions to individuals making over $200,000 and couples earning at least $250,000. 
 
     Democrats said omitting the rich from the reductions was an equitable way for the wealthy to contribute to deficit-reduction efforts. Republicans say the higher levies would hurt job creation because many of the wealthy own companies. 
 
     The bill will go nowhere in the GOP-run House. 
 
Filed Under :
Topics : Politics
Location : Washington
People : Barack Obama
07/25/2012 5:12PM
Senate Approves Tax Cut Bill
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