The senate approved a yearlong extension of tax cuts for all but the highest-earning Americans. Senators approved the Democratic bill by a near party-line 51-48 vote, with Vice President Joe Biden presiding over the chamber in case his vote was needed to break a tie.
The $250 billion Democratic measure would extend tax cuts in 2013 for millions of Americans that otherwise would expire in January. The bill will deny those reductions to individuals making over $200,000 yearly and couples earning at least $250,000.
The increase taxes on the top 2 percent of taxpayers will pay for 8 days of the Governments spending. It’s estimated that a tax on top wage earners would bring in about $85 billion a year; the federal government spends about $85 billion every 8 and a half days!
I am not really sure what this solves besides a political move to show the government is trying, just not trying that hard.
For more information on government spending: