Democrats fight to KEEP tax cuts for the rich?

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.

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Posted by on September 2, 2010. Filed under Commentary. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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5 Responses to Democrats fight to KEEP tax cuts for the rich?

  1. One Fly

    September 2, 2010 at 9:21 am

    They were told to do this and that is exactly what will happen. Never will Progressives get anything that we know is needed. When will the left come to grips with that instead of saying we’ll build on the stinking tiny pile of shit they give us?

    Watch this happen.

  2. Infidel753

    September 2, 2010 at 9:51 am

    It’s self-defeating — trying to win the votes of people who will never vote for a Democrat no matter what. There is no point in trying to out-teabag the Republicans.

  3. Krell

    September 2, 2010 at 11:33 am

    I just don’t get it! Stockholm syndrome or something?

  4. Holte Ender

    September 2, 2010 at 6:46 pm

    Lets do away with the IRS and have a consumption tax, no loopholes, no off shore tax havens, do business in the USA, pay US taxes. No more tax breaks for the wealthy.

  5. fourdinners

    September 2, 2010 at 7:30 pm

    I don’t care. Sorry but I don’t. I have no idea so I don’t care. So there.