FOXNews.com: Senate narrowly approves Democratic bill on Bush-era tax rates

FOXNews.com FOX News Network - We Report. You Decide. // via fulltextrssfeed.com

Senate narrowly approves Democratic bill on Bush-era tax rates Jul 25th 2012, 20:32 The Senate has rejected a Republican measure extending the Bush-era tax rates for everyone next year, including the nation's highest earners.  The partisan 54-45 vote Wednesday came during a campaign season battle between the two parties over wideranging tax cuts that will expire in January without congressional action. Senators will vote shortly on a Democratic version that would deny the tax reductions in 2013 to individuals making over $200,000 yearly and couples earning at least $250,000.  Republicans said increasing taxes on the well-to-do would stifle job creation because many of those affected own businesses. Democrats said that argument was overblown and that the rich have to contribute to deficit-reduction efforts.  The White House says if the tax rates are not renewed, families earning less than $250,000 would see tax increases averaging $1,600.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions