House Rejects Obama’s Proposed Tax Boost on Top Earners

The U.S. House of Representatives rejected, 170-257, Democrats’ proposal to raise income taxes on top earners next year.

The plan, backed by President Barack Obama, would extend most of the George W. Bush-era income tax cuts while letting them expire on Dec. 31 for individuals’ income exceeding $200,000 a year and married couples’ income above $250,000.

The Democratic-led Senate passed a version of Obama’s plan July 25. The Republican-led House plans to vote later today to extend the expiring tax cuts for all income levels. The House measure is H.R. 8.

To contact the reporter on this story: Richard Rubin in Washington at

To contact the editor responsible for this story: Jodi Schneider at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.