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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.

Flowers July 26, 2012 at 05:49 PM
The federal government spends more than it takes in. Solutions: cut spending, borrow more and/or raise taxes. No significant spending cuts are on the horizon so its borrow or tax. Republicans don't want to tax. Democrats don't mind borrowing. Probable conclusion: leave in tax cuts and borrow to pay for programs.

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