Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Senate Passes Dem Tax Bill Senate Passes Dem Tax Bill

NEXT :
This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

ECONOMY

Senate Passes Dem Tax Bill

The Senate passed Democrats' tax bill (51-48), supported by President Obama, to extend for one year reduced rates for individual income less than $200,000 a year and couples' income less than $250,000 a year.

  • The Senate also rejected a GOP bill to extend all the Bush-era tax cuts.
  • The House, where Republicans expect to pass their own bill extending all the tax cuts next week, is unlikely to consider the Senate’s bill.
  • Senate Democrats say passage helps put the two chambers on even ground when a tax deal is negotiated in the lame-duck session.
  • Republicans called Democrats’ bill purely political. “It’s not about the economy. It’s about the election,” Senate Minority Leader Mitch McConnell, R-Ky., said.
  • Passage of the Democratic bill came after Senate Republicans, in a reversal, agreed to not filibuster the bill, thereby allowing it to pass with a simple majority

DON'T MISS TODAY'S TOP STORIES

Sign up form for the newsletter
Comments
comments powered by Disqus
 
MORE NATIONAL JOURNAL