×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: House | Bush Tax Cuts

GOP Votes Down House Democrats' Plan to Hike Taxes

Wednesday, 01 August 2012 06:07 PM EDT

Democrats have lost a bid in the Republican-controlled House to increase taxes on high-income earners and on people who inherit million dollar-plus estates.

The Democratic plan, which was backed by President Barack Obama, fell to Republicans who insisted that a full package of Bush-era tax cuts be renewed when they expire at the end of the year. A vote on the Republican tax bill was expected later Wednesday.

The dueling votes on taxes were more about political messaging three months before Election Day than a genuine attempt to resolve the impasse over taxes.

The impasse threatens a fiscal stalemate that could result in higher payroll deductions for every worker starting in January. Tax cuts and a move to avert painful across-the-board spending cuts will top Congress' agenda after the elections.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


130
2012-07-01
Wednesday, 01 August 2012 06:07 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved