What if Republican Senators are set to vote for a plan that would continue tax cuts for the wealthy while ending tax breaks for millions of poor and middle class Americans? Would that be politically problematic?
This week, the Senate will vote on the GOP and Dem plans for the Bush tax cuts. Democrats want to extend the tax cuts for all income up to $250,000, including that earned by people who make more than that amount, the “job creators” and “small business” people included.
The Republican plan would extend all the Bush tax cuts. But as Jonathan Weisman notes in a great piece this morning, it turns out the GOP plan also would allow a variety of tax breaks for the working poor and middle class — which were passed into law in the 2009 stimulus — to expire. Click through the link for the details on which stimulus tax breaks we’re talking about, but here’s the bottom line:
In all, the Republican plan would extend tax cuts for 2.7 million affluent families while allowing tax breaks to expire for 13 million on the bottom of the income spectrum, tax analysts say.