U.S. House Passes Republican Plan to Extend All Tax Cuts
The Republican-controlled U.S. House of Representatives on Wednesday passed a largely symbolic plan to extend all tax cuts, leaving a deep rift over
tax policy unresolved until after November's elections. Below is more information reported Wednesday evening by Reuters:
The Republican measure, approved by a largely party line vote of 256-171, is expected to die in the Democratic-controlled Senate. It extends all current low individual tax rates that are set to lapse at year-end, a counterpoint to a rival Democratic bill passed by the Senate last week that would raise tax rates on the wealthy.