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ARTICLE · 15 AUGUST 2012

Congress Holds Competing Votes On Tax Cut Extensions

Grant Thornton LLP
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The Senate on July 25 held competing votes on whether and how to extend the tax cuts currently scheduled to expire at the end of 2012, and House Republicans have introduced a separate version for a vote the following week.

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Grant Thornton'S Washington National Tax Office
Grant Thornton'S Washington National Tax Office
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The Senate on July 25 held competing votes on whether and how to extend the tax cuts currently scheduled to expire at the end of 2012, and House Republicans have introduced a separate version for a vote the following week. The bills are not expected to lead to an agreement before the November elections, but the differences in the proposals do offer important insight into the outlook for eventual legislation.

All three bills would extend most of the 2001 and 2003 tax cuts for one year, but the Democratic version would roll back the tax cuts on income exceeding $200,000 for singles and $250,000 for joint filers. The votes reveal several important developments:

  • Everyone appears to agree on just a one-year extension.

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