Senate bill extending 2001 and 2003 income tax rates for individuals

Washington National Tax Services

The Senate today voted 51 to 48 to approve the "Middle Class Tax Cut Act of 2012" (S. 3412) that generally would extend for one year current individual tax rates for individuals with adjusted gross income (AGI) below $200,000, and joint filers with AGI below $250,000. The Senate earlier rejected by a vote of 45 to 54 a proposal by Senate Minority Leader Mitch McConnell (R-KY) and Finance Ranking Member Orrin Hatch (R-UT) to extend 2001 and 2003 tax provisions temporarily for all taxpayers.

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