In a 51-48 vote, the U.S. Senate has taken an important step towards fairer taxes, passing a bill that extends current tax rates for income under $250,000—but ending the Bush tax cuts on the richest 2%.
As we wrote earlier today, the Middle Class Tax Cuts Act would implement President Obama’s proposal to end the Bush tax cuts on income over $250,000.
About an hour earlier, the Senate defeated, in a 54-45 vote, a proposal by Senate Republicans that would extend the tax cuts for the rich, but end a number of middle-class tax credits.
Especially gratifying is that the Senate broke a frustrating recent trend of requiring cloture votes on nearly every vote, subjecting a number of important bills to a minority filibuster.
In order to become law, the bill would still have to go through the U.S. House—and Republican leadership there could decline to even bring it up for a vote.