House easily passes tax cut bill

[dogday]

Measure extends capital gains cuts, trims taxes by $70 billion over 5 years

WASHINGTON - A bill awarding tax relief to investors and 15 million taxpayers facing the alternative minimum tax passed the House on Wednesday, giving President Bush and his GOP allies on Capitol Hill a long-sought election year victory.

The bill providing tax cuts worth $70 billion over five years passed by a 244-185 vote. The Senate was expected to clear the bill for Bush’s signature Thursday.

The legislation provides a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008

It also would extend, for this year, recent changes to the alternative minimum tax — originally aimed at making sure the wealthy pay at least some taxes — to prevent it from hitting more upper middle-income families.

<snip>

“The Republican Party ... is sending all the millionaires on an all-expenses-paid vacation — for $41,000 a year,” said Rep. Jim McDermott, D-Wash. “The rest of America is being forced to choose between filling the gas tank or stocking the refrigerator.”

</snip>

http://www.msnbc.msn.com/id/12726774/

[LSK]

1. vote information here

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=1153575&mesg_id=1153575

[dogday]

2. Thanks for the info

Thought this was a good article on it....

[murray hill farm]

4. Thanks for the roll call info..

Those dems who voted for it are toast..one would hope anyway. I cannot imagine that such a blatant disregard for all americans except the very wealthy will garner the repubs any leaverage...at least the country is taking notice...and it is the masses that just got screwed again who will most take notice.

[bluestateguy]

3. I'm only about 2 years away from being bitten in the ass by the AMT

These Republicans seem determined to demand more tax cuts for the rich before making any truly permanent reforms to the AMT.