Speaker of the House John Boehner, R-Ohio, said he would allow a vote next week on legislation that House Democrats plan to introduce to extend the expiring Bush tax cuts for middle-class taxpayers, while Republicans also plan a vote on their own proposal to extend tax cuts for taxpayers at all income levels.
The Senate voted Wednesday by 51 to 48 to approve the Democratic proposal, which would only extend the tax cuts for adjusted gross income under $250,000 for couples and $200,000 for singles, in line with President Obama’s proposal (see Senate Approves Tax Cuts Extension for Middle Class). House Republicans have also drawn up their own legislation, which would extend the Bush-era tax rates for another year for all income levels (see House Republicans Introduce Bush Tax Cuts Extension Bill).
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