Showdown on Pelosi, Reed, Obama Tax Hikes

From Bloomberg - Congressional Democrats are ready to test Republican resolve on taxes this week by forcing showdown votes on their proposal to extend middle-class tax cuts. U.S. House Speaker Nancy Pelosi will schedule a vote this week on legislation that would retain lower tax rates and increased credits that apply to the first $250,000 of a married couple’s gross income or $200,000 for a single person, said her assistant, Maryland Democrat Chris Van Hollen. The Senate will vote “by next week” on Democrats’ proposal to extend middle-income tax cuts, Finance Committee Chairman Max Baucus told reporters yesterday. “There should be an early vote on middle-income tax cuts” before the Senate considers alternatives on Bush-era tax cuts set to expire on Dec. 31, said Baucus, a Montana Democrat. The vote’s timing will depend on the rest of the Senate’s agenda, he said. Read full story here:

Showdown on Pelosi, Reed, Obama Tax Hikes