By: John Brandt and Chad Pergram, FOX News
FOXWIRE: After delays and a contentious floor debate, the tax compromise bill developed by the White House and Congressional Republicans is headed to the president’s desk.
The House of Representatives passed the legislation to extend the so-called Bush tax cuts and social spending measures late Thursday night by a vote of 277 to 148.
House Democrats attempted to modify the estate tax provision in the deal that passed the Senate Wednesday. They wanted to diminish the amount of money that is exempt from taxes from $5 million to $3.5 million and increase the amount at which assets above that threshold would be taxed from 35 percent to 45 percent. Many Democrats felt the terms in the Senate proposal were too generous for the wealthy.
That effort failed.
The bill now heads to President Obama’s desk. If Mr. Obama signs the measure, it will prevent a tax increase that was scheduled to occur on January 1, 2011.