House Approves Tax Bill, Now Heads to President's Desk

By: KKCO - Email
By: KKCO - Email

WASHINGTON (KKCO) - A bill that would prevent taxes from increasing on January 1 and renew unemployment benefits is now on its way to President Obama's desk.

In a final vote of 277-148, The U.S. House of Representatives passed the Middle Class Tax Relief Act of 2010 (H.R. 4853) late Thursday night.

The U.S. Senate approved the measure Wednesday.

The bill -- negotiated by President Obama and Republicans -- extends "Bush-era" tax cuts that would have expired at the end of 2010 for two more years. It also renews federal unemployment benefits for 13 months, cuts payroll taxes by 2 percent in 2011, and eases a federal estate tax.

Although the majority of them voted in favor of the bill, Congressional Democrats were highly critical of the compromise, in which the President agreed to keep tax breaks for Americans making $200,000 or more per year.

Colorado's delegation was split on the legislation -- some upset with provisions that would benefit wealthy Americans, others that wanted to include spending cuts to offset the costs of extending unemployment benefits.

Senator Michael Bennet (D), Rep. Jared Polis (D), Rep. John Salazar (D), Rep. Betsy Markey (D), and Rep. Mike Coffman (R) voted in favor of the bill.

Senator Mark Udall (D), Rep. Diana DeGette (D), Rep. Ed Perlmutter (D), and Rep. Doug Lamborn (R) voted against it.

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