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All those fears about Obama raising income taxes on the rich may prove unfounded, if a small but growing group of moderate Democrats gets their 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, they’re 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.Click here for reuse options!