A growing number of Senate Democrats are signaling they are not
prepared to raise taxes on anyone in the weak economy unless Congress
approves a grand bargain to reduce the deficit.
At least seven Democratic senators have declined to rule out supporting a temporary extension of the Bush-era income tax rates, breaking with party leaders who have called for letting the rates expire for people earning more than $1 million per year.
That gives Senate Republicans a chance to push a temporary extension similar to the deal Minority Leader Mitch McConnell (R-Ky.) struck with President Obama in December of 2010.
Democrats running for reelection, such as Sens. Jon Tester (D-Mont.) and Joe Manchin (D-W.Va.), have declined to endorse their leadership’s call for a tax increase on wealthy families.
Instead, they want Congress to pass a broad package that would cut spending and reform the tax code, which they argue would inject new confidence into the private sector.
“I would much prefer dealing with the tax code, with all the expenditures, in a bigger package similar to the Simpson-Bowles [deficit reduction] proposal,” Tester said. “If we can do that and we can roll out a big package that is significant, then we can do something with the tax rate from a reforming-it standpoint and do some things that really get our deficit and debt under control.”
Manchin sounded the same theme.
Read more: http://thehill.com/homenews/campaign/233389-senate-dems-balk-at-ending-bush-tax-rates-for-wealthy
At least seven Democratic senators have declined to rule out supporting a temporary extension of the Bush-era income tax rates, breaking with party leaders who have called for letting the rates expire for people earning more than $1 million per year.
That gives Senate Republicans a chance to push a temporary extension similar to the deal Minority Leader Mitch McConnell (R-Ky.) struck with President Obama in December of 2010.
Democrats running for reelection, such as Sens. Jon Tester (D-Mont.) and Joe Manchin (D-W.Va.), have declined to endorse their leadership’s call for a tax increase on wealthy families.
Instead, they want Congress to pass a broad package that would cut spending and reform the tax code, which they argue would inject new confidence into the private sector.
“I would much prefer dealing with the tax code, with all the expenditures, in a bigger package similar to the Simpson-Bowles [deficit reduction] proposal,” Tester said. “If we can do that and we can roll out a big package that is significant, then we can do something with the tax rate from a reforming-it standpoint and do some things that really get our deficit and debt under control.”
Manchin sounded the same theme.
Read more: http://thehill.com/homenews/campaign/233389-senate-dems-balk-at-ending-bush-tax-rates-for-wealthy
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