Senate Democrats will push a one-year tax cut proposal for individual Americans earning $200,000 or less annually, setting the stage for a showdown in coming weeks with Republicans over extending the Bush tax cuts, according to a new plan circulating on Capitol Hill. …
The cost of the proposal would be roughly $272 billion for one year, Democratic aides said. …
The 20-page draft Democratic proposal obtained by POLITICO includes these provisions: a 20 percent capital gains rate on those earning more than $200,000, couples over $250,000; a 20 percent dividend rate on those earning more than $200,000, couples over $250,000; estate taxes would apply to estates worth more than $3.5 million with a maximum rate up to 45 percent; extensions of the American Opportunity Tax Credit for college standouts, as well as an expanded child tax credit and Earned Income Tax Credit for poorer Americans; and a one-year patch for the alternative minimum tax.
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