The Senate has rejected a Republican measure renewing tax cuts for everyone next year, including the nation's highest earners.
The partisan 54-45 vote Wednesday came during a campaign season battle between the two parties over wideranging tax cuts that will expire in January without congressional action. Senators will vote shortly on a Democratic version that would deny the tax reductions in 2013 to individuals making over $200,000 yearly and couples earning at least $250,000.
Republicans said increasing taxes on the well-to-do would stifle job creation because many of those affected own businesses. Democrats said that argument was overblown and that the rich have to contribute to deficit-reduction efforts.
The White House says if the tax cuts are not renewed, families earning less than $250,000 would see tax increases averaging $1,600.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.