A top House Republican says his chamber will vote this summer on continuing the tax cuts enacted under President George W. Bush.
In a memo Friday to fellow GOP lawmakers, Majority Leader Eric Cantor of Virginia said the House will vote on extending those tax cuts before its August recess. Unless Congress acts, tax rates on wages, dividends, capital gains and other items will rise January 1.
House Speaker John Boehner had said the House would vote on the tax extensions before the November presidential and congressional elections. The announcement by Cantor shows Republicans want a vote before the two parties' presidential nominating conventions in August and September.
Republicans favor retaining the cuts for everyone, while President Barack Obama and Democrats want to exclude the wealthiest Americans.
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