House Rejects Obama’s Tax Proposal

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.