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Senate passes tax cuts for all but the richest

11:48 PM, Jul 25, 2012   |    comments
United States Senate
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WASHINGTON (AP) - It's the House's turn next week to vote on extending income tax cuts, and Republican Speaker John Boehner says President Barack Obama's plan to let the cuts expire for the wealthiest Americans is unacceptable.

The Ohio lawmaker spoke Wednesday after the Senate passed the Democrats' plan, even as all members agreed the vote was largely symbolic. The House is to vote next week on a GOP alternative. Neither version has a chance of passing Congress, so the issue will wait until after the November elections.

Obama and congressional Democrats want to extend Bush-era income tax cuts for all Americans except individuals earning more than $200,000 a year or couples making over $250,000. Republicans want to extend the cuts for everyone.

The cuts will expire in 2013 unless Congress acts.

The Associated Press

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