Senate OKs Democratic Tax-Cut Bill in Showdown With GOP Over Taxing the Best-Off Americans
The Senate has voted to approve a Democratic bill renewing tax cuts next year for all but the highest-earning Americans.
The partisan 51-48 vote was a victory for Democrats and averted what would have been a campaign-season embarrassment for them and the White House. The bill closely follows the tax-cutting vision of President Barack Obama.
The measure would extend tax cuts in 2013 that otherwise would expire in January. It would deny those reductions to individuals making over $200,000 and couples earning at least $250,000.