Senate Blocks Upper-Income Tax Hike
The AP reports:
Senate Republicans have blocked legislation allowing taxes to rise on upper income taxpayers on Jan. 1.
The vote Saturday was 53-36 - seven short of the 60 needed to advance the measure.
Without action by Congress, all income tax cuts enacted when George W. Bush was president will expire at year's end. The legislation backed by Senate Democrats would have kept the cuts in effect except on incomes over $200,000 for individuals and $250,000 for couples.
The Senate vote is expected to clear the way for negotiations between the White House and Republicans to resume on a bill to extend the tax cuts at all levels.
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