House Passes Tax Rate Extension

On August 1, the House passed the Job Protection and Recession Prevention bill (H.R. 8), extending the current tax rates for one year for all taxpayers, by a vote of 256 to 171.  The bill would not extend certain tax breaks related to the earned income tax credit and child tax credit.  This House action follows Senate passage, on July 25, 2012, of legislation that would extend for one year the 2001 and 2003 tax cuts for taxpayers with incomes under $200,000 ($250,000 for joint filers).  As the Senate legislation set up the position of the Democratic Party prior to the November elections, the House legislation sets up the position of the Republican Party for the November elections.  No work on a compromise is expected until after those elections.  The President said that he would veto the House legislation.

 

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Wolters Kluwer Tax and Accounting

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