Republican Tax Plan Passes House
The House of Representatives just passed a plan to extend Bush-era tax cuts with a 256-171 vote. Only one Republican, Representative Timothy Johnson of Illinois, voted against the plan.
The bill is expected to die in the Senate, leaving controversy over tax policy unresolved until after November’s elections.
The bill extends all current low individual tax rates that are set to lapse on December 31st.
The vote, taken by some as a Democratic loss to hike taxes on the wealth, is mostly about political messaging three months before Election Day. If the issue is not resolved by January, workers will have to deal with higher payroll deductions. The House action stands in contrast to the Senate measure approved last week that would extend tax cuts only for the middle class.