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Democrats to propose extending Bush's middle-class tax cuts
Time: Senate Democrats will soon advance a plan to make permanent President George W. Bush's 2001 tax cuts for middle-class Americans earning less than $200,000, but let the tax breaks for the wealthiest Americans expire, two Senate party aides said Tuesday. They will also propose to reinstate a 45% estate tax on individuals for the next two years.
The emerging tax plan is designed, as much as anything else, to clarify the differences between the two parties as they hurtle toward the fall elections. Following on their success with the financial-regulatory-reform bill, Democrats are betting that Republicans will once again take up a legislative battle on behalf of the wealthy.
