iBankCoin
Joined Nov 11, 2007
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House Passes Tax Cut Plan

Washington (CNN) — The U.S. House on Wednesday took the opposite action on tax cuts as the Senate, rejecting a Democratic proposal championed by President Barack Obama to extend lower tax rates for middle-income Americans, and then passing a Republican plan to maintain the lower rates for everyone for a year.

In separate votes that amounted to political posturing in an election year, House Republicans joined by more than a dozen Democrats passed the GOP measure by a 256-171 margin.

Minutes earlier, a similar tally defeated the Democratic alternative that would maintain the lower rates for income up to $250,000 for families and $200,000 for individuals for a year.

Wednesday’s votes extended a congressional stalemate over the Bush tax cuts from 2001 and 2003 that has come to symbolize legislative inaction in Washington.

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