Jul 26, 2012 at 8:41 am
WASHINGTON (KNSI) - The U.S. Senate has voted to extend the Bush-era tax cuts, a move that would impact some two million families in Minnesota.
Minnesota Senator Al Franken said he supports the move because he knows people in Minnesota are still struggling and he feels the tax cuts will help immediately.
"I want to make sure that families that are earning less than $250,000 a year get to keep their tax cuts," Franken said.
In the long term, Franken proposed the increased taxes from that richest Americans would also be good for the country.
"Those making more get the tax cuts on their first $250,000 but then the richest two percent of Americans do pay their fair share," Franken said. "That would raise almost $900 billion over ten years that we could use to pay down the deficit. That is the responsible thing to do."
The Bush tax cuts are all set to expire January 21st. The Senate passed the bill on a 51-to-48 vote. It now goes to the House.