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House Votes to Extend Bush Tax Cuts for All; Senate Voted to Extend Them for Some

On August 1, 2012, U.S. House of Representatives passed the Job Protection and Recession Prevention Act of 2012 ( H.R. 8 ), which would extend the Bush tax cuts for one year.  Doing so would maintain the current income tax rates for people at all income levels.  This vote is contrasted with the U.S. Senate’s July 25 passing of the Middle Class Tax Cut Act (S. 3412), which would extend the tax cuts only for joint filers with annual income up to $250,000 and for individuals with annual income up to $200,000.

President Obama has stressed that he would veto H.R. 8.  As a result, negotiations appear to be in the cards with regard to extending the tax cuts for joint filers with annual income of over $250,000 and individuals with annual income over $200,000  when the House and Senate reconvene after the November elections.

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