Dems Buck Obama on Tax Cuts, Say $250K Too Low

Tax debate, election year politics, divide party
By Kevin Spak,  Newser Staff
Posted Jul 10, 2012 7:50 AM CDT
Virginia Democratic Senate candidate, former Gov. Tim Kaine addresses the Northern Virginia Technology Council's Tech Town Hall in Reston, Va., Thursday, June 28, 2012.   (AP Photo/Cliff Owen)
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(Newser) – Critics are lining up against President Obama's push to let the Bush tax cuts expire for the top 2% of earners—and that's just in his own party. Democrats facing elections this fall are breaking with the president, arguing that Obama's proposed $250,000 threshold is too low, Politico reports. Congressional Democrats have been focusing on raising taxes for those earning more than $1 million, and now some, like Florida Sen. Bill Nelson and North Dakota Senate candidate Heidi Heitkamp, say that's still the right move.

The so-called "millionaire's tax," Steny Hoyer explained, would "be a metaphor for how our Republican colleagues won't support increasing revenues on any person in America, no matter how much they make." Virginia Senate candidate Tim Kaine, meanwhile, is pushing for a $500,000 threshold, which some are signing on to. That's not to say Obama is without allies: Harry Reid and Nancy Pelosi have formally supported his plan, as have several others, including former holdout Charles Schumer. (Read more Bush tax cuts stories.)

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