WASHINGTON (AP) — Democrats have lost a bid in the Republican-controlled House to increase taxes on high-income earners and on people who inherit million dollar-plus estates.
The Democratic plan, which was backed by President Barack Obama, fell to Republicans who insisted that a full package of Bush-era tax cuts be renewed when they expire at the end of the year. A vote on the Republican tax bill was expected later Wednesday.
The dueling votes on taxes were more about political messaging three months before Election Day than a genuine attempt to resolve the impasse over taxes.
The impasse threatens a fiscal stalemate that could result in higher payroll deductions for every worker starting in January. Tax cuts and a move to avert painful across-the-board spending cuts will top Congress' agenda after the elections.
OF COURSE THEY DID….THAT IS HOW RICK FOLK ROLL
Most rich people are going to vote NO, and house and congress are full of rich people.