Senate Dems Win Theatrical Vote On Tax Hike
Jul-25-2012
Election year theatrics reach new heights as Senate passes proposal to cut taxes on the middle class.
The Senate narrowly approved the bill on a 51-48 vote. The plan would extend current rates for households making less than $250,000, and let the rates rise for everyone else.
The Democratic proposal passed after the Senate rejected a Republican measure extending the Bush-era rates for everyone next year by a vote of 45-54.
While this may be viewed as a win for Democrats in some corners, the vote will not materialize into anything of substance. All revenue related legislation must originate out of the House of Representatives then pass the Senate before being signed into law by the president.
The only thing today's vote did was to put senators on record as to they feel can afford a tax hike in the midst of a still fragile economic recovery. 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 more to deficit-reduction efforts, or as the president has been claiming, pay their fair share.
Today's voting was largely a display of political theatrics at a time when the America people are faced with massive tax hikes at the end of the year if a compromise is not struck.
Posted by Lou Dobbs Staff at 12:00 PMEmail to a friend
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