U.S. House Will Vote Thursday on Tax Cuts

Democrats in the U.S. House of Representatives say they will try to push through a vote tomorrow (Thursday) on extending the "Bush Tax Cuts" for people who earn $250,000 a year or less.  Republicans seem lukewarm to the idea, though, because they say the tax cuts should be made permanent for all taxpayers.

The Bush Tax Cuts are just one of a number of items lawmakers need to deal with.  We still don't know whether a number of provisions that expired at the end of 2009 will be extended to 2010.

And perhaps most importantly, we don't know whether lawmakers will provide relief to the "alternative minimum tax" (AMT).  Under current provisions, the AMT exemption amounts are reduced dramatically in 2010, and an estimated 1-in-5 Americans will be hit with this tax unless Congress passes legislation to -- at the very least -- retain the 2009 exemption levels.

This article from CNN provides more information about the wrangling going on in the House.