By: Hope Hodge
7/29/2012 10:25 AM
In August, Congress will still be locked in a partisan showdown on whether to renew Bush-era tax rates for all Americans, or just some of them.
The Senate last week passed Democratic tax legislation that conformed to President Barack Obama’s plan to extend the rates to only Americans making $250,000 or less per year; now the Republican-controlled House will have a chance to vote the bill down. Meanwhile, a House vote also is expected on its version of the extension, which continues the tax cuts for all income brackets.
Legislators also are hoping to finalize a new round of Iran sanctions that meets the approval of both houses. The sanctions legislation passed months ago in the House and Senate, but some are concerned that trade loopholes authorized by the Obama administration could keep the final package from winning House support.