Legal News - House, Senate Endorse Tax Hikes
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House, Senate Endorse Tax Hikes

•  Practice Focuses     updated  2008/03/13 20:17

The Senate on Thursday rejected the idea of renewing many of President Bush's tax cuts as all three major presidential candidates interrupted their campaigns to cast their votes. The House approved a budget blueprint that would raise taxes by $683 billion over the next five years.

The Senate did embrace Bush reductions aimed at low-income workers, married couples and people with children.

The House budget plan would provide generous increases to domestic federal programs but still is designed to bring the government's budget back into the black by letting all of Bush's tax cuts expire at the end of 2010. That plan passed the House on a 212-207 vote with Republicans unanimously opposing it.

The Senate voted 99-1 to extend the cuts for some workers as well as couples and parents. Senators voted 52-47 to reject a move to extend tax cuts for middle- and higher-income taxpayers, investors and people inheriting businesses and big estates.

The votes were mostly symbolic, but they put senators in both parties on the record for when the tax cuts actually expire in three years.

Arizona GOP Sen. John McCain, Republican presidential nominee-in-waiting, voted for the full roster of Bush tax cuts. Rivals Hillary Clinton, D-N.Y., and Barack Obama, D-Ill., both voted against them.


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