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Senate passes tax cut bill

 
 
Reply Wed 25 Jul, 2012 03:15 pm
Senate Dems just passed an extension of tax cuts for all tax brackets other than the highest, 51-48. This is the first time in a long time that a branch of government has successfully decoupled tax cuts for the highest tax brackets with those for every other one, and it is really going to put pressure on Boehner to have some sort of action soon on a tax extension package.

Reid basically shamed McConnell into allowing an un-filibustered vote, claiming that the Dems would focus their attack ads this Fall on the fact that the GOP refused to even allow a vote on tax cuts for all Americans (which is technically true). McConnell must have been feeling some pressure, because he acceded to the request, betting Reid didn't have enough votes. He lost the bet. The Senate also voted on the GOP tax package, extending all of the Bush tax cuts; that vote failed 45-54.

Who knows what will happen now? Not me. And heck, I wish they would just let ALL the Bush tax cuts expire, for a lot of reasons. But it's a signficant win for Reid and it will shape the tax debate for some time to come.
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edgarblythe
 
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Reply Wed 25 Jul, 2012 03:18 pm
It's a small step in the right direction.
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Cycloptichorn
 
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Reply Wed 25 Jul, 2012 05:17 pm
Quote:
Statement from President Obama on the Senate vote:

With the Senate’s vote, the House Republicans are now the only people left in Washington holding hostage the middle-class tax cuts for 98% of Americans and nearly every small business owner. The last thing a typical middle class family can afford is a $2,200 tax hike at the beginning of next year. It’s time for House Republicans to drop their demand for another $1 trillion giveaway to the wealthiest Americans and give our families and small businesses the financial security and certainty that they need. Our economy isn’t built from the top-down, it’s built from a strong and growing middle class, and that’s who we should be fighting for.


Cycloptichorn
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