9:42 a.m.
Friday, 21 July 2017

US Congress passes "fiscal cliff" measure

By Rubén Vela

Los Angeles, California.- The House of representatives passed the morning of Wednesday (Pacific Coast Tuesday night) legislation with which expects to overcome the so-called "fiscal cliff", previously approved by the Senate, with the support of parliamentarians 257, while 167 voted against.

The law includes tax increases to the wealthiest citizens, but not increase them to the class average and extendiende emergency aid to unemployment.

The adopted legislation will allow the increase of taxes on the income of 35 to the 39.6 percent households entering more than 450,000 dollars a year and those who earn more than $400,000.

Also, avoid the hundred millions of families earning less than $250,000 a year suffer from significant tax increases planned for this month, although the payroll taxes will increase for the majority of households in 2013 in the framework of the approved temporary tax cut two years ago.

In addition to addressing the fiscal crisis, the measure will extend federal agricultural policies until September, thus preventing the planned doubling of prices of milk. The agreement also vetoes a salary increase for members of Congress.

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