House votes to renew Bush-era tax cuts

House Speaker John Boehner, R-Ohio.

WASHINGTON -- Republicans controlling the House have passed a bill to extend tax cuts due to expire Dec. 31, officially laying down their marker in an election-year showdown with President Barack Obama and his Democratic allies over whether to raise taxes on wealthier earners and people who inherit million dollar-plus estates.

The GOP plan passed Wednesday would renew a full package of Bush-era tax cuts when they expire at the end of the year, but Obama has promised to veto the measure. The president insists on letting the cuts expire on income after the first $200,000 earned by individuals and the first $250,000 made by couples.

The vote was 256-171.

Congress is expected to address the impasse after the November elections.

[OldTimeTruth]

One word of advice, Vote out all the GOP they have done enough damage and held up progress long enough. All they do is take the paycheck and do nothing for it.

[tsigili]

Nothing but political maneuvering. It is totally symbolic, and will result in nothing.

[bramletabercrombie]

I wonder if beno knows he's going to hell?

[jtdev1]

The only way we're going to get Congress to wake up and do some real governance is to have China and others STOP buying our debt.

Cut off the line of credit and see how fast they wake up.

[johnlockesghost]

Idiots!

[RollotheNorman]

Not much of a surprise. I guess thanks to Boehner everybody's taxes go up now. Oh well, he's hoping for a Democratic House in 2012, then we can make capital gains samey-samey regular income.

[PSnoBS]

ad_iudicium,

First, do the research, you're just flat wrong- in no way do 99.9% of economists agree with your statement.

For those that would, economics is an inherently conservative study because they play with models, not reality. Anybody who studies Keynesian economics knows better than to drop taxes during a recession. A quick skim of wikipedia will tell you everything you need to know, I'm sure you can figure out how it applies to real life from there.

[RollotheNorman]

"by ad_iudicium August 2, 2012 8:22 AM EDT
I'm not sure why the Senate wants to raise taxes on small businesses and some middle class taxpayers with their version of the bill when 99.9% or all economist's say that raising anyones taxes in a recession is the wrong direction."

Raising the 1%'s taxes will have a negligible effect on small business. This whole dog and pony show is political kabuki set up by the RepubliCONs in Congress to try to make some obscure and incorrect point, and benefit the folks slipping them coins at the same time. RepubliCONs are bought and paid for to the determent of the middle class.

[nearl451]

This is no surprise. It is no wonder that we can't produce a budget. No one wants to pay for anything and no one want's their pet budget cut.

[A_Canadian_Opinion]

Way to go Boner. You continue to be productive in your job.

[tvwatcher5345]

wow bonehead looks like the tanning lady, there are definite issues there

[doubleecho-2009]

IF these tax breaks for the WEALTHIST are so great, WHY haven't they actually been working as proven by undeniable "evidence"?
It's EASY to SAY these are just great for the country - OK, well PROVE it! For the money LOST in tax income - how much was gained & where?