House Votes to Hike Taxes

The House has voted to pass an amendment extending the Bush tax cuts permanently to those making less than $250,000 per year, hiking taxes on those making over $250,000 (job creators, small businesses and families).

Here is how the votes break down:

230 Democrats voted to pass

3 Republicans voted to pass

20 Democrats voted no

167 Republicans voted no

Overall, there was more bi-partisan opposition to this amendment than in favor.

This bill will now go to the Senate where all 42 Republican Senators have made clear they are ready to filibuster every bill presented in the lame duck session until tax cuts are extended to everyone, not just for those making less than $250,000 per year.

If the bill dies in the Senate (extending current tax rates to no one), or if it is passed with tax cuts extended only to those making less than $250,000, it will be the largest tax increase in American history during one of the worst economies in history.

A few scenarios:

-amendment from the House passes in the Senate, leaving only those making more than $250,000 per year with a tax hike

-amendment from the House dies in the Senate, resulting in a tax hike for everyone

-amendment is amended in the Senate to extend tax cuts to everyone, leaving nobody with a tax hike

If the tax cuts expire, most income brackets will see at least a 3 % increase in taxes.

There are 16 business days left before Christmas, giving the Senate about 11 days to complete everything on the lame duck agenda.

The battle is far from over....but time is running out.