House To Take On Tax Bill, Exclude Cuts For The Wealthy

House Majority Leader Steny Hoyer (D-Md.) confirmed to reporters Wednesday that the House will take up a tax bill Thursday morning that will extend tax cuts for families earning less than $250,000.

Additionally, the House Leader said the bill would extend tax cuts for families that are receiving the earned income tax credit and would include statutory PAYGO rules, requiring all federal expenditures to be offset by savings elsewhere. 

Hoyer told reporters that there is consensus in the House over extending tax cuts for America’s middle-class families and this consensus should not be “held hostage” by partisan differences. 

“We don’t even pass things on which we agree because there are things on which we don’t agree,” he said. “Rightfully, the American public are frustrated by us not being able to do even things on which we have consensus. I’m hopeful that common ground will be reflected tomorrow in that vote.”

The announcement raises concern that the bill could negate current negotiations between Treasury Secretary Timothy Geithner, OMB Director Jack Lew and Congressional leaders, who are working to create a compromising environment around Bush-era tax cuts, and essentially force Republicans into a political corner. 

“I don’t think it will undermine [negotiations],” Hoyer said. “Nor is it intended to embarrass or to put Republicans in a difficult place.”