Thursday, August 2, 2012

Labrador, Simpson Join House Majority to Extend Bush-Era Tax Cuts

Posted By on Thu, Aug 2, 2012 at 8:55 AM

Idaho Republican Reps. Raul Labrador and Mike Simpson joined 254 of their colleagues in the U.S. House Wednesday, passing a bill that extends the Bush-era tax cuts for one year, a measure President Barack Obama has promised to veto.

The cuts are set to expire Dec. 31, but the GOP wants them to continue for all earners. Obama and Democrats want them extended for individuals earning as much as $200,000 annually, or $250,000 for families. However, the president has said those who bring home more than that need to pay more.

Republicans pushed the measure through on a 256-171 vote. One Republican voted no, Illinois Rep. Tim Johnson, while 19 Democrats supported the measure.

The vote was among the final actions the House will take before breaking for a five-week recess.

The Congressional Budget Office predicts that the U.S. economy would shrink at a 1.3 percent annual rate during the first six months of 2013 under the GOP tax cut plan. Republicans counter by saying taxing the wealthy would hurt the economy by compromising job creation and businesses.

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