The Hill: Senate Democrats Abandon Obama Promise to End Bush-Era Tax Rates [View All]

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Senate Democrats abandon Obama promise to end Bush-era tax rates
By Alexander Bolton

07/08/11

Senate Democrats have officially abandoned President Obama’s campaign promise to end the Bush era tax rates for individuals making more than $200,000 and families earning over $250,000.

A long-awaited budget plan assembled by Senate Budget Committee Chairman Kent Conrad (D-N.D.) more than doubles the threshold for extending the Bush tax rates.

Conrad’s plan would extend current tax rates for individuals earning up to $500,000 per year and for families earning up to $1 million per year, according to Senate sources.

Obama promised during his 2008 campaign to end tax cuts for families making above $250,000, a goal that Senate Democrats shared until late last year.

Senate Democratic Policy Committee Chairman Chuck Schumer (D-N.Y.) has pushed his colleagues to raise the cut-off to $1 million because it’s easier to use as a message against Republicans.

http://thehill.com/homenews/senate/170507-senate-dems-abandon-obama-pledge-to-end-bush-tax-rates-for-rich