Senate, Tax Cuts For The Rich | featured news

Tax cuts that President George W. Bush signed in 2001 and 2003 are playing a major role in the election of 2012. They surface again today as the Democratic-run Senate holds a symbolic debate over President Obama's proposal to extend the Bush tax cuts only for middle-class Americans, not for the wealthy.

A deal that President Barack Obama struck with Republicans to extend expiring tax cuts for nearly every working American and spur job growth sailed through the Senate on Wednesday.

Republicans and Democrats joined forces in the Senate on Monday to deliver the most significant bipartisan vote since President Obama took office, advancing a plan to extend tax cuts for virtually every American and to boost the economic recovery.

The Democratic-led U.S. Congress moved on Monday toward grudging approval of President Barack Obama's deal with Republicans to extend expiring tax cuts, even for the wealthiest Americans.

Republicans in the Senate on Saturday blocked Democratic legislation that would renew low tax rates for individuals' income up to $200,000 and families' income up to $250,000, letting them rise for the wealthiest.

The Senate will not vote on renewing Bush-era tax cuts before the November 2 elections, a spokesman for the Majority leader said on Thursday, as Democrats face internal divisions and potential Republican obstacles.