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Senate Passes Middle Class Tax Cuts

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

 

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.

Diana Athena July 26, 2012 at 07:40 PM
Well, writing "Democrats want to limit the tax cuts, first approved during the presidency of George W. Bush, only to those making less than $250,000." is not correct. Those making more than $250,000 would still get the tax cuts on their first $250,000. So everybody gets the tax cut, but those making more than $250,000 get it only on their first $250,000. Why can't the people who write about this get it right?
Ettore Greco July 27, 2012 at 03:31 AM
Commutalism is structured to provide the necessary goods for the survival of everyone and introduces at the same time a new transparent form of Capitalism to trade all those goods which are not necessary, like in a market open to the competition of all superfluous goods For the sake of transparency, this new type of Capitalism would rule that each single transaction must be reported on the Net to become visible by anyone (just like an invoice made public) and taxable at the origin with a fix percentage for everyone. In such system, all private properties and their owners like also all money transactions and trades of private property must be publicly reported on the Net. This is to prevent unlawful transactions and root out corruption through the immediate confiscation of those goods that have not been reported. Moreover, to reduce Greed and restore the financial equilibrium worldwide, it will be enough to eliminate the concept of inheritance. The private property of the people will return to the State after the death of each person to be auctioned among all citizens. People could spend as much as they want to educate their children but inheritance and donations would not be allowed. Once the survival is guaranteed for everybody there will be no need to be as tolerant with crime as we are today when the crime is a consequence of our corrupted system. http://www.wikinfo.org/index.php/Commutalism www.wavevolution.org

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