House Democrats: no tax cut extension over $250,000

Congressional Democrats rammed a bill through the House of Representatives Thursday permanently extending the Bush-era tax cuts only for families making $250,000 a year or less.

It would maintain the current Alternative Minimum Tax limit for two years.

The measure, which passed on a sharply polarized 234-188 vote, would allow the Bush tax cuts to expire after December 31 for the wealthiest Americans. Most Democrats backed the bill, while most Republicans opposed it.