Democrats Dismayed At Tax Cuts

In a meeting last night, House Democrats criticized President Obama’s tax proposal. Both House and Senate Democrats have voiced frustration at the extension of Bush-era tax for an additional two years, which would add $900 billion to the deficit. Many Democrats also expressed concern about the estate tax exemption for inheritances of up to $5 million. House Speaker Nancy Pelosi (D-CA) clarified in her statement, “The Republican demands would provide tax cuts to the millionaires and billionaires, fail to create jobs and increase the deficit. And to add insult to injury, the Republican estate tax proposal would help only 39,000 of America’s richest families, while adding about $25 billion more to the deficit.”