Tax Cut Extensions
In one of their last moves before taking a five-week recess, the House and Senate each passed opposing bills dealing with the Bush-era tax cuts and left town declaring victory. On July 25, by a vote of 51 to 48, the Senate approved S. 3412 to extend tax rates only for individuals earning up to $200,000 a year and households making up to $250,000 a year. The Senate bill would allow the top tax rates to revert back to a maximum of 39.6 percent, the level that was in place under President Clinton. The top rate is currently 35 percent…
