Senate approves extension of Bush tax cuts affecting all but top 2 percent of earners

[FarLeftFist]

The Senate voted 51-48 today to extend some of the Bush tax cuts, affecting 98 percent of all American taxpayers, for another year. The extended tax cuts would affect citizens making up to $250,000 a year, with the Senate not voting to extend cuts for the 2 percent of Americans making over that amount.

Earlier this month, President Obama called on Congress to extend tax cuts on the bottom 98 percent of earners, while letting those cuts affecting the rich expire. The Republican Party's official position is that all the tax cuts should be extended, though Senate Republicans opted not to filibuster a bill that would only extend some of them. Nonetheless, the legislation is expected to fail in the House, where the Republicans hold the majority.

http://leanforward.msnbc.com/_news/2012/07/25/12953095-senate-approves-extension-of-bush-tax-cuts-affecting-all-but-top-2-percent-of-earners?lite

[LonePirate]

1. Misleading headline. The top 2% receive the same tax cuts as the other 98%.

They simply do not receive any other tax cuts for income above $250,000.

[emulatorloo]

2. On edit: True, but still ...

I understand that you are factually correct, however this bill does not extend additional Bush tax cuts for the wealthy.

Republicans tried to extend all of the Bush taxcuts earlier, that was defeated.

Senate Rejects GOP Plan to Extend Bush-Era Tax Rates
http://www.democraticunderground.com/10021021067

Versus

Senate Dems Jam House Republicans, Pass Bush Tax-Cut Extension For Middle Class
http://tpmdc.talkingpointsmemo.com/2012/07/senate-dems-jam-house-republicans-pass-bush-tax-cut-extension-for-middle-class.php?ref=fpnewsfeed

[julian09]

3. good luck with that in the House

Will be tough to run on denying middle class tax break, just to keep millionaires from paying 4.6% more on taxes over $250,000, they still get a tax break on the first $250,000 just like those earning under $250,000. So will they vote for the middle class or protect the wealthy.

[emulatorloo]

4. Except Senate already defeated the extension of all the Bush tax cuts.

Boehner has his work cut out for him.

[1StrongBlackMan]

5. Great News; but ...

The Senate voted 51-48 today to extend some of the Bush tax cuts, affecting 98 percent of all American taxpayers, for another year. The extended tax cuts would affect citizens making up to $250,000 a year, with the Senate not voting to extend cuts for the 2 percent of Americans making over that amount.

I must make an important factual correction ...

The bill that passed affects ALL tax-payers, including those that make more than $250K.

The bill just doesn't extend the tax cuts for income OVER the $250K mark. In other words, the cuts continue for the first $250K and the amount over $250K is taxed at a rate approximately 3% higher.

[FarLeftFist]

6. Great point.