On Wednesday, Senate leaders voted on rival plans for extending the Bush-era tax cuts.

The Republican plan (to extend all rates for one year) failed on a 45-54 vote.

The Democratic plan (to extend rates for households making less than $250,000) passed on a 51-48 vote. That said, it stands no chance of passage in the Republican-controlled House.

Taxpayers Protection Alliance President Dave Williams discussed that and other issues on Capital Insider.