Senate Finance Chairman Wants Obama Tax Increase this Year

Senate Finance Committee Chairman Max Baucus (D-Mont.) has introduced a bill that would enshrine tax increases sought by the Obama administration into law this year – one year ahead of schedule.

[efoods]Baucus, the Senate Democrat who already is spearheading major liberal initiatives on health care and energy, said the effort would reassure tax-wary Americans that Congress is committed to keeping most of the Bush-era tax cuts in place.

“Today we’re offering a piece of certainty during an uncertain time for millions of hardworking, honest Americans,” Baucus said Thursday in a statement marking the bill’s introduction. “These measures are not excessive or outrageous, but timely and targeted, and will build on earlier efforts to stabilize the economy.”

Baucus’ bill would fulfill Obama’s campaign promise to both keep Bush’s tax rates in place for most Americans and raise both income taxes and capital gains taxes on top producers.

The Senate proposal would make permanent Bush’s tax cuts on those making less than $200,000 a year and raise taxes on those making above $200,000 in 2010. It also would make permanent the reductions in the capital gains tax rate for lower income brackets while raising them in 2010 for the two highest ones.

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