Thursday, July 26, 2012

Senate Passes Modified Tax Break Extension, Crapo and Risch Vote 'No'

Posted By on Thu, Jul 26, 2012 at 9:16 AM

Idaho Sens. Mike Crapo and Jim Risch joined 46 of their colleagues Wednesday—mostly Republicans—in a losing effort to a partial extension of Bush-era tax cuts. The U.S. Senate narrowly passed the Democrat-backed extension, which won't likely stand in the GOP-controlled U.S. House.

The Senate held two high-profile votes on competing Democrat and Republican plans to extend the lower tax rates before they expire Jan. 1. The GOP version, which would keep the tax cuts in place for all income brackets, was defeated 54-45 as expected by the Democrat-controlled chamber. Crapo and Risch voted "yes." Several minutes later, the Democrats' plan passed on a 51-48 vote.

Democrats are also in favor of extending the Bush-era tax cuts, but only on income of less than $250,000 a year.

The Senate vote will carry little weight since tax bills have to originate in the House and House Republicans are unlikely to accept the Democrats' bill.

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