Economy

Senate Rejects Republican Tax Plan, Accepts Democratic Plan

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CREDIT:

The Senate today voted down a tax plan crafted by Senate Minority Leader Mitch McConnell (R-KY) and Sen. Orrin Hatch (R-UT) by a vote of 45-54. The plan would have extended all of the Bush tax cuts — including those on income in excess of $250,000 — while eliminating tax credits that benefit 20 million working families. Due to an agreement with Democrats, the bill needed a simple majority, rather than a filibuster-proof supermajority, to pass. Sen. Mark Pryor (D-AR) was the lone Democrat to vote in favor of the plan, while Sens. Susan Collins (R-ME) and Scott Brown (R-MA) voted against it.

UPDATE

The Senate accepted the Democratic tax plan, which extends the Bush tax cuts for income up to $250,000, by a vote of 51-48.

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