Senate Majority leader Harry Reid(D-NV) signal that the Bush era tax cut may get an extension for two years. However, Speaker of the House Nancy Pelosi says not so fast. From Reuters:
“This is something we will take a look at,” Senate Majority Leader Harry Reid told reporters, referring to a plan to extend all the cuts for two or three years.
Many leading Democrats like Reid previously opposed continuing tax cuts for the wealthiest, while they want a permanent extension of existing tax cuts for those individuals making $200,000 or less annually.
Reid and his fellow Democrats will hold a second day of closed meetings on Wednesday to talk about upcoming legislation. While agreeing to look at extending all current tax cuts, Reid said he personally opposed the idea.
“For people to say that these upper-income tax cuts affect most small business is simply not true. My main concern is to prevent a tax hike on the middle class,” he said.
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