Tax Cuts For The Rich, Bush Tax Cuts | featured news

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 House of Representatives, in the waning days of Democratic control, passed an extension on Thursday of Bush-era tax cuts for the lower and middle classes in a symbolic vote that would let tax cuts for the wealthiest expire.

Democratic activists Thursday sharply criticized White House officials after a published report indicated that President Obama is likely to back a temporary extension of tax cuts for households with income over $250,000 a year.

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.

Democrats cannot decide whether to hold a vote on extending tax cuts, as some lawmakers fear the issue could hurt their re-election chances in November.

House Republican Leader John Boehner (BAY'-nur) is proposing a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before the recession hit. In a broadcast interview, the Ohio Republican offered an alternative to ...

Taxes would not rise for 98 percent of American households under the president’s plan; those earning $1 million or more would pay an average $100,000 more than they are now.

The former chairman of the Federal Reserve said keeping the cuts would drive up borrowing costs and could lead to another financial crisis.