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The Senate rejected the Republican proposal for extending the Bush-era tax rates in a straight up-or-down vote Wednesday.
The 45-54 vote ended the GOP’s chances of extending the lower rates, which are set to expire on Jan. 1, across all income brackets.
The Democrats’ bill would extend Bush-era tax rates on income up to $250,000 and includes the earned-income tax credit, child tax credit and opportunity tax credit for college tuition.
“The Senate Democrat plan, which raises taxes on a million small business owners at a moment when we’re counting on them to create jobs, raises taxes on thousands of family farmers and small business owners grieving the loss of a loved one, leaves a middle-class tax hike in place, and reforms nothing,” Senate Minority Leader Mitch McConnell (R-Ky.) said Wednesday.
Originally posted by spinalremain
To state that taxing those making over 250k at a normal rate is equal to killing jobs, is to state that those making over 250k are only making profit and succeeding in business due to the tax cuts.
There is no way that this is true. We are to believe that these tax cuts are the reason that businesses decided to employ more people? To believe that a return to the normal rate will crumble these businesses? The tax cuts are the crutch of certain businesses?
Give me a break.
Any such business which is reliant on tax cuts is destined to fail due to lack of success, not due to tax breaks expiring.
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