President Obama just announced from the White House a plan to maintain current tax rates for the middle class, while hiking the tax rates for those earning above $250,000 per year. And while Republicans have already voiced opposition to the president's plan, Democrats are now beginning to express their dissatisfaction.
Consider Florida senator Bill Nelson, a Democrat who is running for reelection this year. A spokesman for the Democratic senator tells the Tampa Bay Times: "Sen. Nelson supports permanently extending the Bush-era tax cuts that are due to expire at the end of this year for everybody making less than $1 million a year."
Indeed, even Democrats like Nancy Pelosi believe Obama's tax hikes efforts are misguided. Obama's proposal "puts him at odds with House Minority Leader Nancy Pelosi (D-Calif.) and Sen. Chuck Schumer (D-N.Y.), each of whom back extending the tax cuts for people making up to $1 million," Keith Koffler reports.
There's no question President Obama will have a hard time convincing Republicans to raise taxes in the middle of a poor economic times. (Even Obama himself once said, "The last thing you want to do is raise taxes in the middle of a recession," and his own vice president believes we're in the middle a depression!)
But now it does not even seem likely Obama will have enough Democratic support to push this election year proposal through Congress.