Saturday, January 5, 2013
The U.S. House went along with a Senate plan Tuesday to address expiring Bush-era tax cuts while delaying spending cuts.
The U.S. House of Representatives voted 257-167 late Tuesday night to endorse a Senate vote on a bill that would avert the so-called fiscal cliff. This bill extends the tax cuts passed during George W. Bush's presidency that would have expired on Jan. 1, and delays automatic spending cuts. A complete list of the yeas and nays can be found on the website for the House of Representatives. U.S. Sen. Sander Levin, D-Royal Oak, voted for the bill, which will extend curent tax rates for all wage earners making below $400,000 and couples making below $450,000. Levin posted comments he made Tuesday on the House floor on his website: "As we are here today on January 1, hours away from people returning to work, markets reopening around the world and…
Thursday, January 3, 2013
Dingell supported a Senate plan Tuesday to address expiring Bush-era tax cuts while delaying spending cuts.
The U.S. House of Representatives voted late Tuesday night 257-167 to endorse a Senate vote early Tuesday morning on a bill to avert the so-called "Fiscal Cliff", as tax cuts passed when George W. Bush was President expired January 1, in addition to automatic spending cuts which were delayed. The Senate legislation passed early Tuesday 89-8. The legislation was still awaiting President Barack Obama's signature on Wednesday afternoon. The legislation continues tax cuts for individuals making less than $400,000 and couples making less than $450,000. It also raised rates for those who make more than that by 4.6 percent. A complete list of the yeas and nays can be found on the website for the House of Representatives. U.S. Rep. John Dingell, …
Monday, December 31, 2012
Tax hikes on U.S. residents and federal budget cuts are on the line with Jan. 1 deadline.
Weeks of debate has not yielded a compromise in Congress as the federal government approaches the "fiscal cliff," and U.S. Rep. John Dingell publicly called for compromise over the weekend. Never one to mince words, Dingell—who is approaching his 30th term in the U.S. House of Representatives—in a statement referred to the body as "one of the most unsuccessful Congresses in history, noteworthy not only for its failure to accomplish anything of importance, but also for the poisonous climate of the institution." The "Bush era" tax cuts, including payroll and business cuts, were set to come to an end at midnight Monday. In addition, $100 billion in spending cuts will be enacted. According to the Washington Post, Senate Majority Leader Harry …
Sunday, December 30, 2012
President, Congress have until New Year's Day to avert automatic tax increases and spending cuts.
Congress and President Obama are racing against the clock as they make one last attempt to hammer out a deal to avoid the so-called “fiscal cliff” the U.S. government is set to go over on New Year’s Day. Without a compromise deal to lower the deficit, the government will face a self-imposed deadline that triggers both spending cuts and higher taxes. Congress itself set the Jan. 1 deadline after failing to come to a budget compromise earlier this year. On Jan. 1, the George W. Bush-era tax cuts will expire, raising taxes on nearly all Americans. In addition, $1.2 trillion in spending cuts to defense and government programs will go into effect. The Tax Policy Center, a non-partisan group, estimates middle-class households would see an …
