The House will vote on continuing the George W. Bush era tax cuts before the November elections, says House Speaker John Boehner.
Republicans favor extending the tax cuts, which are scheduled to end Dec. 31, for people in all income brackets, while President Barack Obama and other Democrats want to maintain them just for the middle class.
“The House is going to act to extend the current tax rates. Whether we make them permanent or extend them for a year — that debate is still up in the air,” Boehner told CNBC Tuesday, The Hill
reports. “Otherwise we’re going to have this mess all stacked up until after the election. And you want to talk about a train wreck? You’re talking about a big one.”
Political analysts say it’s unlikely that the Republican-controlled House and Democratic-controlled Senate will be able to reach an agreement on taxes before the election. And Boehner did nothing to quash that assumption.
“I’ve been in Washington long enough to know I shouldn’t have high expectations, especially with the United States Senate,” he said. The Senate will have to pass a bill of its own before the House can negotiate with it, Boehner said. “The House is prepared to extend all the current tax rates. The Senate has to act. Until the Senate acts, it’s hard to determine how we deal with this.”
Boehner reiterated that Republicans seek comprehensive tax reform that would slice the top individual income tax rate to 25 percent, from 35 percent currently. But he said that’s unlikely to happen this year.
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