House Dems Identify Key Objection To Obama Tax CompromiseAngry House Democrats identified their key objection to President Obama's tax cut compromise Tuesday night, after they were briefed on the deal in a private meeting by House Speaker Nancy Pelosi and other leaders.
Several members are withholding their support for the legislation unless the details of estate tax agreement become more progressives.
Among them was Rep. Allyson Schwartz (D-PA) -- vice chair of the Budget Committee. "My sense is that people are not happy with this," she told reporters. "Particularly the estate tax is a sticking point for many Democrats."
In the package Obama negotiated with the GOP, the rate would be set at 35 percent, on estates worth more than $5 million. As a feature of the Bush tax cuts, there currently is no estate tax, but it is scheduled to jump to over 50 percent on estates above $675,000 at the end of the year. Democrats see a middle way: a threshold of $3.5 million, and a rate of 45 percent.
Incoming Budget Committee ranking member Chris Van Hollen (D-MD) needs to see some movement as well. "I have very serious reservations about this package primarily because of the
provision we're talking about," he told reporters.
Before the meeting, during a House vote, Pelosi ally Henry Waxman (D-CA) told reporters, "They put out this compromise, and I notice Senator Reid says it needs some modifications.... if it's open to modifications, I'd certainly like to see some as well," Waxman said. "I particularly am not happy about the estate tax."
"It's the biggest of the problems," Rep. Anthony Wiener (D-NY).
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