Democrats Delay Vote on Extending Bush Tax Cuts

President Bush signing his $1.35 trillion tax cut bill, June 7, 2001 at the White House. Citizens for Tax Justice estimates the total cost of Bush era tax cuts, not counting interest paid on national debt, was $2.1 trillion — one-third of which benefited the wealthiest 1%.
AP Photo/Ron Edmonds
Senate Democratic leaders have decided to delay a vote on President Barack Obama's call to preserve middle class tax cuts until after congressional elections in November.

A spokesman for Senate Majority Leader Harry Reid said Thursday that the Senate will return in November and work to extend the tax cuts for middle-income taxpayers.

Enacted in 2001 and 2003 under President George W. Bush, they were the most sweeping tax cuts in a generation. If Congress takes no action taxpayers at every income level face significant tax increases next year.

Republicans want to extend all the tax cuts. Obama and Democratic leaders in Congress want to extend them for individuals making more than $200,000 and married couples making more than $250,000.