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Congress Bush Tax Cuts on Rich May Stay Alex Brandon / AP Photo

Bush Tax Cuts on Rich May Stay

Democrats in Congress are on the verge of going against their president and supporting the extension of Bush era tax cuts, set to expire at the end of 2010. While Obama and congressional Democrats agree that the tax cuts should be extended to individuals earning less than $250,000 a year, the president would like to see those who make more start paying pre-2001 rates. But moderate Democrats are balking. The idea of raising taxes, even on America's richest individuals, is proving a tough sell at home. "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," said Departing Sen. Evan Bayh, Democrat of Indiana. Bayh is joined by fellow Democrats Sen. Ben Nelson of Nebraska and Sen. Kent Conrad of North Dakota in opposing what would be an increase on top-payers from 33 and 35 percent taxes to 36 and 39.6 percent.

September 2, 2010 2:01 AM