Senate Passes Tax Cut Extension For All But Wealthiest
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Senate side of the U.S. Capitol (Creative Commons).
The bill passed 51-48, mostly along party lines, Bloomberg Businessweek reported. It would raise an estimated $50 billion a year.
The legislation is expected to be rejected next week by the Republican-controlled House of Representatives, according to Reuters.
“The House can either pass these middle-class tax cuts like we did, or it will be clear they are putting millionaires first,” Senator Charles Schumer, a New York Democrat, told Bloomberg.
The Senate rejected a Republican alternative that would have extended the lower rates for all income levels, Reuters reported. The tax cuts signed into law by former President Bush will expire on Dec. 31, barring enactment of legislation.
“It’s time for House Republicans to drop their demand for another $1 trillion giveaway to the wealthiest Americans,” President Obama said in a statement after the vote.
According to Reuters, the tax cuts will be extended through 2013 under the Democrats’ bill. Income of the wealthy - those who earn above $250,000 - would be taxed at either 36 percent or 39.6 percent. Currently, the rates are 33 percent and 36 percent for the top two income groups.
“The House will vote next week to stop that tax hike,” House Speaker John Boehner, R-Ohio, told the Associated Press, “and until the Senate does the same, the threat to our economy remains.”
Read more of Neon Tommy’s coverage on tax cuts here.
Reach Executive Producer Agnus Dei Farrant here.
Comments
Commutalism is structured to provide the necessary goods for the survival of everyone and introduces at the same time a new transparent form of Capitalism to trade all those goods which are not necessary, like in a market open to the competition of all superfluous goods
For the sake of transparency, this new type of Capitalism would rule that each single transaction must be reported on the Net to become visible by anyone (just like an invoice made public) and taxable at the origin with a fix percentage for everyone.
In such system, all private properties and their owners like also all money transactions and trades of private property must be publicly reported on the Net. This is to prevent unlawful transactions and root out corruption through the immediate confiscation of those goods that have not been reported.
Moreover, to reduce Greed and restore the financial equilibrium worldwide, it will be enough to eliminate the concept of inheritance. The private property of the people will return to the State after the death of each person to be auctioned among all citizens. People could spend as much as they want to educate their children but inheritance and donations would not be allowed.
Once the survival is guaranteed for everybody there will be no need to be as tolerant with crime as we are today when the crime is a consequence of our corrupted system.
In Commutalism, the right to own must be protected and guaranteed also for those who want to work and trade their own Time to obtain more than just the basic necessities provided by the system.
http://www.wikinfo.org/index.php/Commutalism
www.wavevolution.org