Democratic Letter Keep Tax Cuts For Rich

09.29.10 | FL News Team

(Washington, DC)  --  Forty-seven House Democrats have signed on to a letter to Speaker Nancy Pelosi calling for an extension of Bush-era capital gains and dividends tax rates for everyone, including the wealthy.  The letter was penned by New Jersey Democratic Representative John Adler. The letter argues that raising taxes would discourage saving and investment.

President Obama wants to extend the current tax cuts to all but the upper two-percent of American households.  Obama has proposed allowing tax rates on capital gains and dividends to rise to 20-percent for the wealthy, while leaving the rate at 15-percent for middle and low-income earners.  

A spokesperson for Democratic House Majority Leader Steny Hoyer said that Hoyer continues to support tax breaks for the middle class only.  At the same time, a spokesperson for Republican House Minority Leader John Boehner was enthusiastic about Adler's letter.