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President Barack Obama has indicated that he'd like to see the cuts remain in place for Americans who earn less than $250,000 a year but see those who earn more taxed at the pre-2001 rates. "However, a small but growing number of moderate Democrats are balking at boosting taxes on the rich," reports McClatchy Newspapers.
McClatchy identifies several Democratic senators who want the tax cuts extended for all Americans, including Evan Bayh of Indiana, Ben Nelson of Nebraska and Kent Conrad of North Dakota. (In the House, while several lawmakers are poised to cross the aisle, the size of the Democratic majority means a middle-class-only extension likely will pass.)
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Some Democratic lawmakers say raising taxes, even just on the wealthy, will hurt their chances at the polls. Bayh, however, is not facing re-election and says his decision is based solely on economics. "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," he said.But most Democrats remain committed to a higher tax rate for the wealthy. "We have an opportunity to generate $700 billion that could go to deficit reduction and badly needed programs," said Rep. Raul Grijalva, D-Ariz., a co-chairman of the House Progressive Caucus.
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