House Votes to Keep Bush Tax Cuts

President Obama has vowed to veto.

House Republicans voted to keep tax rates at their current level through next year, using one of their last votes before recessing for most of August to approve politically symbolic legislation that President Obama has vowed to veto.

The vote Wednesday was intended to showcase the contrast between the GOP view on taxes and the one pushed by Obama and congressional Democrats. The Senate, with its Democratic majority, already has approved a measure that would allow income tax rates to rise on annual earnings above $200,000 for individuals and $250,000 for couples – a move that would affect the top 2% of earners.