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.
