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Senate Dems prep tax cut extension

Senate Democrats are readying a one-year, $272 billion bill extending income tax cuts for all but the highest earning Americans that would also boost their capital gains and dividends taxes next year to 23.8 percent.

By Associated Press | Updated on July 16, 2012

WASHINGTON (AP) — Senate Democrats are readying a one-year, $272 billion bill extending income tax cuts for all but the highest earning Americans that would also boost their capital gains and dividends taxes next year to 23.8 percent.

A draft bill being circulated by Democrats would keep income tax rates for families earning below $250,000 where they are through next year, rather than automatically rising in January when those rates expire. Those earning above $250,000 would face a top rate of 39.6 percent.

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