U.S. Senate May Pass Obama’s Tax-Cut Extension Proposal
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The U.S. Senate will vote today on competing Democratic and Republican tax plans, spelling out their positions in a way that won’t resolve the impasse on fiscal policy.
The Democratic bill, endorsed by President Barack Obama, would extend expiring income-tax cuts for a year for all but the highest earners. Individuals with income exceeding $200,000 a year and married couples with more than $250,000 would face higher tax rates in 2013.