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Tags: boehner | reid | bush | tax

Boehner to Reid: Extend Bush Tax Cuts

Wednesday, 01 August 2012 11:27 AM EDT

Speaker John Boehner and other U.S. House Republican leaders urged Senate Democrats to pass the income tax-cut extension for all income levels that the House plans to vote on today.

“It is the interest of our economy to quickly remove the threat of the entire tax hike,” Boehner of Ohio said in the letter to Senate Majority Leader Harry Reid, a Nevada Democrat. The letter also was signed by House Majority Leader Eric Cantor of Virginia, Majority Whip Kevin McCarthy of California and Republican Conference Chairman Jeb Hensarling of Texas.

The Senate voted last month to extend most of the George W. Bush-era tax cuts while letting them expire for top earners. The plan, supported by President Barack Obama, would continue the tax cuts for individual income of as much as $200,000 a year and married couples’ income of as much as $250,000.

“In the event the Senate takes action, we stand ready to bring the House back into session for the purpose of enacting solutions,” the letter said.

Boehner said the House would return to Washington during Congress’ summer recess if the Senate found a way to avert automatic U.S. spending cuts of $1.2 trillion set to start in January. Half of those cuts would come from defense spending.

Congress is scheduled to start its recess next week.

“If the Senate passes its own package of alternative cuts and reforms to replace the defense sequester, it is our commitment that the House will reconvene to either consider it or to go to conference to produce a consensus package,” Boehner wrote.

© Copyright 2023 Bloomberg News. All rights reserved.

Wednesday, 01 August 2012 11:27 AM
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