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Democrats to Fight to Keep Tax Cuts for Rich

Small but growing group backing away

By Kate Schwartz,  Newser Staff

Posted Sep 2, 2010 7:58 AM CDT
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(Newser) – All those fears about Obama raising income taxes on the rich may prove unfounded, if a small but growing group of moderate Democrats gets its way. Whether they're nervous about facing tax-hating constituents, hail from areas teeming with rich taxpayers, or just don't want to be seen as boosting taxes in this economy, the senators are rescinding their support—and that may be enough to kill any bump, reports McClatchy.

Still, Democratic leaders are planning to put plenty of effort into pushing the cuts this month, hoping to raise the top tax brackets from 33% and 35% back to the 1990s rates of 36% and 39.6%, and are clamoring for a vote before the Nov. 2 election. "The economy is very weak right now. Raising taxes will lower consumer demand at a time when we want people putting more money into the economy," said Sen. Evan Bayh, who, along with Sens. Ben Nelson and Kent Conrad, has indicated he won't back a permanent repeal of the cuts. They tend to favor extending the expiring tax cuts temporarily.

Groups rally to urge legislators to pass an income tax increase.
Groups rally to urge legislators to pass an income tax increase.   (AP Photo/Seth Perlman)
This may not be so scary for rich Americans in 2011.
This may not be so scary for rich Americans in 2011.   (AP Photo/Seth Perlman)
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COMMENTS
Showing 3 of 40 comments
acerbus80
Sep 2, 2010 9:42 PM CDT
It's pretty simple. If congress votes to raise taxes on the rich, they'll be taxing themselves more. And in all reality, this is Reagan trickle down economics. Except instead of the savings trickling down, which didn't happen, it will be the expenses trickling down.
Snowleopard
Sep 2, 2010 9:39 PM CDT
this new comment format kind of sucks newser.
reggieh
Sep 2, 2010 12:10 PM CDT
Wow, this is horrible reporting. It would take legislation to *keep* the tax cuts for the ultra-wealthy. All Democrats have to do to allow the tax cuts to expire is absolutely nothing, since they have a sunset provision that allows them to expire automatically after a certain amount of time.

 
taxes • tax cuts • Evan Bayh • Bush tax cuts

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