The senate approved a yearlong extension of tax cuts for all but the highest-earning Americans. Senators approved the Democratic bill by a near party-line 51-48 vote, with Vice President Joe Biden presiding over the chamber in case his vote was needed to break a tie.
The $250 billion extends tax cuts in 2013 for millions of Americans that otherwise would expire in January. The bill will deny those reductions to individuals making over $200,000 yearly and couples earning at least $250,000.
The increase taxes on the top 2 percent of taxpayers will pay for 8 days of the Governments spending. It’s estimated that a tax on top wage earners would bring in about $85 billion a year; the federal government spends about $85 billion every 8 and a half days.
These tax cuts are being pushed to help working class family and small business owners. It’s be leaved that 97% of businesses in the USA are small businesses so the President hopes these tax cut extensions will help to stimulate growth in out country and economy.