Republican Tax Cut Plan Passes, Obama Vows Veto
Republicans controlling the House have passed a bill to extend tax cuts due to expire Dec. 31, officially laying down their marker in an election-year showdown with President Barack Obama and his Democratic allies over whether to raise taxes on wealthier earners and people who inherit million dollar-plus estates.
The GOP plan passed Wednesday would renew a full package of Bush-era tax cuts when they expire at the end of the year, but Obama has promised to veto the measure. The president insists on letting the cuts expire on income after the first $200,000 earned by individuals and the first $250,000 made by couples.
The vote was 256-171.
Congress is expected to address the impasse after the November elections.
(Copyright 2012 by The Associated Press. All Rights Reserved.)