Conservatives Seek to Extend Tax Breaks for Rich
Posted on May 9, 2006
House and Senate conservatives have agreed to spend $70 billion to extend the 15% tax rate on capital gains and dividends until 2010.
House and Senate conservatives just agreed to move forward on another budget-busting tax bill favoring the wealthiest Americans. The latest plan ? announced today ?after months of tense negotiations and slipped deadlines? ? will spend $70 billion to extend the 15 percent tax rate for capital gains and dividends until 2010. The agreement ?paves the way for House approval of the measure as early as Wednesday. The Senate could clear the bill for Bush?s desk by week?s end.?
According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest Americans: