Democrats abandoned plans to vote before Election Day on extending Bush-era tax cuts for the middle class while eliminating them for better-off Americans, spooked by protests from vulnerable incumbents and bleak prospects for passage.
With time running out to plan for 2011, the delay raises uncertainty for small businesses and individual taxpayers over their future liabilities. It also sets up a titanic battle over taxes after the election.
If returning lawmakers don’t pass legislation by Dec. 31, the expiration date of the cuts, tax rates would rise not only on income, but also on estates, capital gains and dividends. Important corporate tax credits and relief from the Alternative Minimum Tax also are up for renewal.
House Majority Leader Steny Hoyer (D., Md.) said Thursday the House wouldn’t schedule a vote on taxes if the Senate didn’t. Later, on Thursday evening, a House Democratic aide said a floor vote remained “possible,” adding that no decision had been made. (Source: WSJ)
Market Place of Ideas points out Congressman Steve Kagen was NOT one of the thirty-one signers.
Voters have to assume that Congressman Kagen favors the looming tax hike by not signing. Wonder if any 8th District media outlets will ask Congressman Kagen why he favors the largest tax hike in history. Or should the crickets be cued.
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