47 Democrats are breaking ranks with President Obama and calling for partial extension of the Bush Tax Cuts
From Staff Reports
Albany Herald
September 29, 2010
WASHINGTON: Georgia Congressmen Sanford Bishop and Jim Martin are among 47 Democrats who are breaking ranks with President Obama and calling for a more susbstantial extension of the Bush-era Tax Cuts.
The lawmakers, led by Rep. John Adler, D-N.J., have sent a letter to House Speaker Nancy Pelosi saying they strongly support extending the current tax rates on capital gains and dividends.
"Raising taxes on capital gains and dividends could discourage individuals and businesses from saving and investing," said the letter, dated Friday and released Tuesday. "We urge you to maintain the current tax rate for both dividend and long-term capital gains taxes."Tax cuts enacted in 2003 set the top tax rate on capital gains and dividends at 15 percent. Those tax cuts expire at the end of the year, and Obama wants to let the top tax rate on capital gains and dividends increase to 20 percent for individuals making more than $200,000 and married couples making more than $250,000.
The letter shows that many Democrats, some of them vulnerable in the upcoming elections, are unwilling to follow Obama on taxes.
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