In vote of 234 to 188, the House today passed middle-class tax relief legislation making permanent tax cuts for middle-class taxpayers. The Democratic sponsored bill lets the Bush era tax cuts for those making more than $250,000 expire. Although this bill stands little chance of passage in the Senate, it was the Democrat’s last stand before being forced to compromise with the Republicans to extend the Bush era tax cuts to all taxpayers.
The Republicans immediately reacted calling the vote as a tax hike on small businesses and families earning more than $250,000 and imposing more uncertainty on the nation’s job creators. John Boehner called the vote “Chicken Crap.” It appears that the lame duck Congress still can’t make chicken salad out of chicken crap!
Schneider Downs provides accounting, tax, wealth management, technology and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH.
This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.