Friday, November 9, 2007
The House approved H.R. 3996, the Temporary Tax Relief Act of 2007, by a vote of 216-193. Eight Democrats crossed party lines to vote with the Republicans in opposition to the bill, while Republicans voted as a block against it. The bill's passage came in the face of yesterday's veto threat from President Bush and set up a showdown next month with the Senate. The bill includes a one-year AMT patch, a one-year extension of various popular temporary tax provisions, and an increase in the tax rate on "carried interest."