House Rejects Obama’s Tax Proposal

    President Barack Obama delivers a statement in the Brady Press Briefing Room at the White House in Washington, Saturday, Dec. 17, 2011 following the Senate vote to approve legislation extending a Social Security payroll tax cut and long-term jobless benefits for two months. Obama says it would be "inexcusable" for Congress not to extend a payroll tax cut for the rest of 2012 when lawmakers return from their holiday break. (AP Photo/Manuel Balce Ceneta)

    Manuel Balce Ceneta / AP Photo

    President Obama’s tax plan, which would raise taxes for the U.S.’s top earners, was rejected by the House of Representatives Wednesday. The proposal would have extended George W. Bush-era tax cuts for most Americans, while ending the cuts for individuals with incomes more than $200,000 a year and married couples with incomes above $250,000. Rejecting the measure 170-257, the House plans to instead vote to extend the tax cuts, which expire Dec. 31, to individuals of all income levels.

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