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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 rrubin12@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net

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