Saturday, November 20, 2010

Middle Class Tax Cuts: Democrats To Hold Votes On Letting Bush Tax Cuts Expire For Wealthy

Just what we were all hoping for, more deadlock from our leaders in Washington. Now Democrats have stated they are still pushing to extend only the Bush tax cuts that affect middle-income taxpayers, while letting cuts for the wealthy expire. Of course, the Republicans will try to block the moves and we will continue in this fashion on into eternity. At least, that’s how it seems right now.

From Huffington

After meeting with President Barack Obama Thursday, Democratic leaders in Congress said they plan to hold a series of politically charged votes to extend middle-class tax cuts while letting tax cuts for the wealthy expire.

Republicans are expected to block the plan, leaving both sides back at square one as they try to negotiate a deal to spare families at every income level from a big tax increase in January.

Democratic officials said Obama did not embrace a particular approach to the tax cuts in his Oval Office meeting with Democratic leaders. He indicated he wanted to wait for a meeting with Democratic and Republican leaders on Nov. 30 before staking out a position.

"I think there's a reality here which is that while it might be best to continue the middle-class tax cuts and raise taxes on higher income people, the votes are not there to do that," said Sen. Joseph Lieberman, a Connecticut independent who caucuses with the Democrats. "I think everybody's got to deal with a stark reality which is, are we going to leave here knowing that we haven't come to an agreement and that everybody's taxes are going to go up Jan. 1?"

Senate Majority Leader Harry Reid, D-Nev., said he would like to schedule competing votes on the Senate floor. One would be on Senate Republican Leader Mitch McConnell's bill to make all the tax cuts permanent; the other would be on a Democratic plan to extend only the middle class tax cuts. Neither is expected to pass.

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