Jul 29, 2014

Senate Passes Middle Class Tax Cuts

The measure heads to the U.S. House where a political showdown is looming.

Senate Passes Middle Class Tax Cuts

The U.S. Senate on Wednesday narrowly approved a plan to extend the Bush-era middle class tax cuts to all households earning less than $250,000, with Connecticut Independent Joseph I. Lieberman joining Republicans to vote against the plan and Democrat Richard Blumenthal voting with the Democrats.

The measure passed the Senate on a vote of 51-48 and sets the stage for a political showdown next week in the U.S. House of Representatives. It is also expected to become a central issue in the presidential race.

Democrats want to limit the tax cuts, first approved during the presidency of George W. Bush, only to those making less than $250,000. Taxpayers making more than that are within the top 2 percent of income earnings in the country.

Republicans, however, argue the tax cuts should be extended to all Americans.

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