Republicans would renew today s milder 35 per cent top rate, exempting the first $5.12 million. Cong

WASHINGTON The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff.
car rentals at pierson international airport Senators planned to vote Wednesday on a $250 billion Democratic bill that would extend expiring tax cuts next year for all but the highest earners. Democrats will need 60 votes to advance the proposal, which they do not have.
House Speaker John Boehner, R-Ohio, was ready to push legislation through his chamber next week that closely mirrors the Senate GOP measure. Republicans there introduced their bill on Tuesday, accompanied by another measure designed to speed work next year on legislation overhauling the entire tax code.
Democrats will simply never agree we should hand out more tax breaks to the richest 2 per cent of Americans car rentals at pierson international airport while this economy is in the situation it s in now, said Senate Majority Leader Harry Reid of Nevada, sponsor of the Democratic car rentals at pierson international airport bill.
If the two sides don t compromise, a massive $600 billion in tax increases and spending cuts for 2013 would be triggered automatically in January — the so-called fiscal cliff, which analysts say would jar the already weak economy.
Mostly following car rentals at pierson international airport President Barack Obama s proposal, the Democratic bill would continue Bush-era tax cuts for everyone except individuals making at least $200,000 yearly and couples earning more than $250,000.
Those taxpayers would face top rates of 36 per cent and 39.6 per cent, respectively, instead of today s 33 per cent and 35 per cent. That would mean higher taxes for 2.5 million households, or 2 per cent of all 140.5 million tax returns, according to 2009 data from the Internal Revenue Service.
Democrats say levies on the wealthy should rise because all income groups should contribute to deficit reduction. Republicans say those tax increases would burden the owners of many companies, car rentals at pierson international airport leaving them less money to create jobs.
The Democratic bill also would let the top estate tax rate grow to 55 per cent next year, with only the first $1 million in an estate s value exempted. car rentals at pierson international airport That s an uncomfortable move for Democratic senators car rentals at pierson international airport from farming and high-cost car rentals at pierson international airport states.
Republicans would renew today s milder 35 per cent top rate, exempting the first $5.12 million. Congress car rentals at pierson international airport nonpartisan Joint Committee on Taxation says the lower Democratic threshold would affect the owners of 46,700 estates projected to die next year — a tiny percentage of Americans, but far more than the 3,600 who would be exposed under the GOP s terms.
These include the American car rentals at pierson international airport opportunity tax credit, worth up to $2,500 to cover college expenses; language making the earned income tax credit more generous for large working families and some married working couples; and a boost in the tax refunds some families get under the child tax credit.