WASHINGTON (August 2, 2012)--Republicans who control the U.S. House have passed a bill to extend Bush-era tax cuts due to expire Dec. 31, officially laying down their marker in an election-year showdown with President Barack Obama and his Democratic allies over whether to raise taxes on wealthier earners and people who inherit million dollar-plus estates.
The vote was 256-171.
The GOP plan passed Wednesday would renew a full package of Bush-era tax cuts when they expire at the end of the year, but Mr. Obama has promised to veto the measure.
The president insists on letting the cuts expire on income after the first $200,000 earned by individuals and the first $250,000 made by couples.
Congress is expected to address the impasse after the November elections.