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.

Tags: , ,

From the ArkTimes store

Favorite

Comments (13)

Showing 1-13 of 13

Add a comment

 
Subscribe to this thread:
Showing 1-13 of 13

Add a comment

More by Max Brantley

Readers also liked…

  • IHOP coming down, but .....

    I always scan the Little Rock City Board for items of interest this week and this one caught my eye: A zoning measure required by a proposal to tear down the IHOP at Markham and University.
    • Apr 30, 2016
  • Payday lenders on the march at legislature

    Payday lenders are working hard to get legislative cover for the reintroduction of their usurious loan business to Arkansas. Some are fighting back.
    • Mar 10, 2017
  • LR speakers blast state board for double standard

    A series of speakers, beginning with Sen. Joyce Elliott, denounced what they saw as a hidden agenda favoring charter schools at the state Department of Education and asked the state Board of Education for return of local control.
    • May 12, 2016

Most Shared

  • Industrial hemp pilot program coming soon to Arkansas

    One of the booths at this week's Ark-La-Tex Medical Cannabis Expo was hosted by the Arkansas Hemp Association, a trade group founded to promote and expand non-intoxicating industrial hemp as an agricultural crop in the state. AHA Vice President Jeremy Fisher said the first licenses to grow experimental plots of hemp in the state should be issued by the Arkansas State Plant Board next spring.

Most Viewed

Most Recent Comments

  • Re: Open line

    • Nice blue jean jacket Brooke.

    • on December 13, 2017
  • Re: Open line

    • Liked your first cartoon Cato1. I think Donald arrogantly thinking he should be publicly declaring…

    • on December 13, 2017
  • Re: John Goodson and others add lawyers for hearing on forum shopping

    • Hello friend is time to make money and power,This is a great temple of the…

    • on December 13, 2017

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation