US Senate Republicans block middle-class tax bill

WASHINGTON, Dec 4 (BestGrowthStock) – Republicans in the U.S.
Senate on Saturday blocked Democratic legislation that would
renew low tax rates for individuals’ income up to $200,000 and
families’ income up to $250,000, letting them rise for the
wealthiest.

The legislation failed on a procedural vote as Republicans
complained that it did not also retain low tax rates for those
in the highest income groups.

The Obama administration and congressional leaders are
expected to continue talks next week on a compromise. Without
action, the tax cuts for all income levels, which were enacted
during the Bush administration, expire on Dec. 31.

The Senate is also scheduled to vote on another Democratic
proposal that would extend the expiring tax cuts to income up
to $1 million annually. This measure is also expected to be
blocked.

(Reporting by Kim Dixon. editing by Philip Barbara)

US Senate Republicans block middle-class tax bill