The Republican majority in the U.S. House of Representatives have introduced a bill designed to turn back the Senate Democrats’ victory earlier this week on Bush-era tax cuts by extending tax cuts for the wealthy and making it harder to modify tax law. According to Think Progress, if the new GOP bill is passed, it will create “special protections in the U.S. Senate” against lawmakers’ attempts to modify and reform tax-related legislation.
Earlier this week, Democrats in the Senate scored a major coup in the fight over tax cuts. In a 51-48 vote, lawmakers passed legislation that would extend Bush tax cuts for the middle class, people making $250,000 a year or less, but not preserve tax breaks for the wealthy, which are set to expire at the end of the year. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) voted with Republicans.
The Republican changes would encourage companies to invest overseas, reorganize tax brackets, reduce taxes on corporations and restrict them to a permanent rate of 25 percent or less. Other measures in the bill, which are also included in Wisconsin Rep. Paul Ryan (R)’s proposed budget plan, would increase taxes on families making less than $200,000 a year and repeal tax credits for low-income Americans signed into law by President Obama.
Republicans hope to bring the new bill to a vote this week.
Raw Story is a progressive news site that focuses on stories often ignored in the mainstream media. While giving coverage to the big stories of the day, we also bring our readers' attention to policy, politics, legal and human rights stories that get ignored in an infotainment culture driven solely by pageviews.
Founded in 2004, Raw Story reaches 5 million unique readers per month and serves more than 19 million pageviews.