FOXNews.com: URGENT: Senate rejects Republican plan to extend tax rates one year for all Americans

FOXNews.com FOX News Channel - We Report. You Decide. // via fulltextrssfeed.com

URGENT: Senate rejects Republican plan to extend tax rates one year for all Americans Jul 25th 2012, 21:35 The Senate voted Wednesday to approve a Democratic proposal to partially extend the Bush-era tax rates -- while letting taxes rise for top earners -- in an election-year showdown that served more to put lawmakers on record over the tax rates than advance any particular plan.  The Senate narrowly approved the bill on a 51-48 vote. The move came after the Senate rejected a Republican measure extending the Bush-era tax rates for everyone next year, including the nation's highest earners.  The partisan 45-54 vote on the GOP bill Wednesday came during a campaign season battle between the two parties over wideranging tax cuts that will expire in January without congressional action. Senators then voted for the Democratic version that would deny the tax reductions in 2013 to individuals making over $200,000 yearly and couples earning at least $250,000.  Republicans claim increasing taxes on the well-to-do would stifle job creation because many of those affected own businesses. Democrats claim that argument is overblown and that the rich have to contribute to deficit-reduction efforts.  Each side is accusing the other of endangering the middle class and the fragile economic recovery by refusing to promptly accept their own tax rate plan.  "This is more about the election than it is about the economy," Senate Republican Leader Mitch McConnell said on the floor Wednesday, debating Senate Democratic Leader Harry Reid between votes on the GOP and Democratic plans. McConnell said the Democrats' bill would be "a very, very bad idea for the U.S. economy."  The White House says if the tax rates are not renewed, families earning less than $250,000 would see tax increases averaging $1,600. The Associated Press contributed to this report.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions