House Votes to Extend Bush Tax Cuts for All
Symbolic move certain to die in Senate
By Rob Quinn, Newser Staff
Posted Aug 2, 2012 12:24 AM CDT
Updated Aug 2, 2012 2:00 AM CDT
"I know we’re in an election year, but my goodness, raising taxes at this point in this economy is a very big mistake," said House Speaker John Boehner.   (AP Photo/J. Scott Applewhite)

(Newser) – Congressional leaders have launched more partisan back-and-forth on the way to the edge of the fiscal cliff. The House, voting largely along party lines, has approved a one-year extension of all the Bush tax cuts due to expire in January, reports the New York Times. The plan passed 256-171, with 20 Democrats joining Republicans in voting for it. The House rejected a rival Senate plan that would let the tax cuts expire for the richest Americans by a similar margin, and the House plan has no chance of passing the Senate. Both plans are seen as political point-scoring by leaders of both parties instead of a serious effort to reach a deal before the cuts expire.

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schmidtkoff
Aug 2, 2012 5:51 PM CDT
the dems need to stand their ground and go off the fiscal cliff. http://www.brookings.edu/research/opinions/2012/07/24-fiscal-cliff-gale
Twiny
Aug 2, 2012 12:07 PM CDT
Here is why the GOP is wrong about extending the Bush tax cuts to the rich. The more money you have, the more expendable any portion of it becomes, even proportionally-speaking. Let's look at three guys, Allen, Billy, and Charlie. Allen makes $20K a year, Bill makes $200K a year, and Charlie makes $2 Million a year. Each is taxed at 10% of their income... but as need to happen sometimes, the taxes need to go up. Let's say they double, so it's 20% now - the same for all three, right? Hell, it must be harder on the richer, because they're paying more money than the poor guy! But in actuality, it's the poor guy who's sacrificing the most. Why? Because so little of his income is expendable. Now Allen needs to decide between paying the rent and paying for food. Bill needs to hold off on that family vacation to Europe he's been planning. And Charlie... well, Charlie will gripe about the number in his bank account being less than he'd like, and then he'll go and buy his twelfth Ferrari anyway. Why can't the GOP understand this simple fact?
$2963277
Aug 2, 2012 9:47 AM CDT
So the house is willing to send America deeper in debt as long as the wealthy are protected from the 4 percent increase in their tax rates for money raised over 250,000. I knew the right wingers were against America when they caused our credit rating to drop, but do they have to be so blatant about their pandering?