Wednesday, July 25, 2012

First $250k Exempted

Democrats Find Their Spine On Bush Tax Cuts | TPMDC

Senate Democrats have accomplished a feat they were unable to muster back in 2009 and 2010, when they had a much larger majority: On Wednesday, they passed a bill to extend the Bush tax cuts for everyone’s first $250,000 in income.

The legislation prevailed 51-48 — a vote that signals Democrats would ultimately be willing to allow tax cuts for high-income earners to expire at the end of the year...

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