Tax Bill Headed To President’s Desk After Passage In House
A coalition of Republicans and conservative Democrats combined to push the Obama-GOP tax-cut deal through the House by a vote of 277-148 in Friday’s early morning hours. The bill slashes the estate tax, extends all the Bush tax cuts and reauthorizes unemployment insurance for 13 months. The bill will now go to the president for his signature.
The crucial vote was not on final passage of the tax cuts, but on the vote before, to reduce the generosity of the estate tax cut. Had it been included in the final measure, the bill would have gone back to the Senate. An identical version of that amendment passed in December 2009 with 225 votes, but it failed this time 233-194, with 60 Democrats voting against tightening the estate tax. More…
- US House Passes $858B Tax-Cut Bill, Sending It To Obama To Sign (forexlive.com)
- House Passes Tax Deal 277-148, Sending Bill To President (huffingtonpost.com)
- House passes tax deal to send it to President Obama (cnn.com)