Senate Rejects Extending Tax Cuts
WASHINGTON (AP) - The Senate has rejected an extension of President Bush's tax cuts for middle- and higher-income taxpayers, investors and people inheriting businesses and big estates.
The partisan 52-47 vote was largely symbolic and followed an overwhelming vote endorsing cuts aimed at low-income workers, married couples and people with children. But it put senators in both parties on the record for when the tax cuts actually expire in three years.
Arizona Sen. John McCain, Republican presidential nominee-in-waiting, voted for the additional tax cuts. Democratic rivals Hillary Clinton and Barack Obama voted against them.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP)—The Senate has embraced the idea of extending President Bush's tax cuts aimed at low-income workers, married couples and people with children after he leaves office.
The overwhelming 99-1 vote was largely symbolic. But it put senators in both parties on the record for when the tax cuts expire in three years.
Republicans complain that a plan for future tax cuts by Montana Democrat Max Baucus would still permit increases in income tax rates and higher taxes on investments and stock sales.