House omits tax cut for wealthy | Arkansas Blog

Thursday, December 2, 2010

House omits tax cut for wealthy

Posted By on Thu, Dec 2, 2010 at 3:09 PM

The House today voted to extend the Bush tax cuts except for the wealthiest taxpayers (family taxable income of more than $250,000.) Under this legislation, Clinton-era tax cuts rates would return for the well-to-do.

This bill probably can't survive in the Senate, but it might force some negotiations, say on the Schumer alternative to extend tax cuts to all but millionaires. Reports are that Senate Democrats may be up to forcing the Republicans to declare where their interests truly lie.

The House vote was mostly on party lines. U.S. Rep. Mike Ross voted for final passage, though he was one of a handful of Democrats who voted against earlier procedural votes on the resolution. Marion Berry, who also was a no on a couple of procedural votes leading up to final passage, didn't vote on the final passage. Ross touted the benefits of the tax cuts to the middle class and said he'd still work to get the tax break for millionaires. But, in the end, he apparently wouldn't go the final mile with Republicans to vote against middle class tax cuts, even if the millionaires were left out.

NOTE CORRECTION: My original post erroneously had Ross and Berry voting no, based on their no votes on calling a vote on the amendment ultimately approved. As edited, it correctly reflects the final roll call.

NOTE II: It's worth remembering that, under our tax system, EVERYBODY gets the tax cut on income below $250,000. It's only income above that amount that might or might not be subject to a higher rate depending on how the votes turn out. Also remember that income is TAXABLE income, a figure after adjustment for itemized deductions.

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