The chamber voted 52-47 to reject a move by Sen. Lindsay Graham, R-S.C., to extend Bush's tax cuts for middle- and higher-income taxpayers, investors and people inheriting businesses and big estates.
Obama and Clinton both promise to reverse Bush's tax cuts for wealthier taxpayers, but the Democratic budget they'll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.
Across the Capitol, the House resumed debate on a companion Democratic measure predicting larger surpluses while allowing $683 billion worth of tax increases over five years with the expiration of Bush's tax cuts.
Under both Democratic plans,
tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent.
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FOXNews.com - Senate Budget Vote Rejects Bush Tax Cut Extension - Politics | Republican Party | Democratic Party | Political Spectrum