
Senate Defeats Democrats' Tax Cut Bills
WASHINGTON -- The Senate Saturday voted against two pieces of legislation from Democrats that would have extended Bush-era tax cuts for the middle class while allowing taxes to rise on upper-income taxpayers.
Democrats had expected both bills would fail, but they wanted to use the votes to paint their Republican rivals as protectors of the wealthy, the
Associated Press
noted.
Negotiations on a compromise on extending the Bush-era tax cuts are expected to continue between both parties. And President Obama Saturday said he was confident the White House could reach a deal with Republican leaders by year-end.
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One of Saturday's bills would have allowed taxes to rise on Jan. 1 on people who earn more than $1 million a year. The Senate voted 53-37 in favor, seven votes short of the 60 needed for the legislation to advance.
The other bill would have kept the Bush-era tax cuts in effect on all income levels lower than than $200,000 for individuals and $250,000 for couples. The vote on this legislation was 53-36.
If Congress doesn't take action, tax cuts enacted during George W. Bush's term will expire at the end of 2010.
--Written by a member of TheStreet staff with contributions by the Associated Press
.
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Ross Snel
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This article was written by a staff member of TheStreet.









