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.