WASHINGTON (AP) — A group of 47 House Democrats have broken ranks with President Barack Obama and Democratic leaders in Congress in calling for expiring tax cuts to be extended for investment income.
The Democrats, led by Rep. John Adler, D-N.J., have sent a letter to House Speaker Nancy Pelosi saying they strongly support extending the current tax rates on capital gains and dividends.
Tax cuts enacted in 2003 set the top tax rate on capital gains and dividends at 15 percent. Those tax cuts expire at the end of the year, and Obama wants to increase top tax rate on capital gains and dividends to 20 percent for individuals making more than $200,000 and married couples making more than $250,000.
Copyright 2010 The Associated Press.
