After much drama in the GOP Caucus over not enough spending cuts the House passed a measure that would keep tax rates in place for those under $400,000.
The payroll tax however did lapse going back to 6.2 percent. Also the AMT was permanently adjusted. The next battle will be the debt ceiling.
Tuesday, January 01, 2013
Senate sends bill to House to avert fiscal cliff
In the early morning hour of the new year the US Senate passed a bill that would temporarily extend tax cuts for those incomes below 400,000.
The House GOP has doubts because there are no significant spending cuts that would make serious commitment to debt reduction.
It is not clear at this time whether the House will vote on the bill tonight. The next congress is set to convene on Thursday.
The House GOP has doubts because there are no significant spending cuts that would make serious commitment to debt reduction.
It is not clear at this time whether the House will vote on the bill tonight. The next congress is set to convene on Thursday.
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