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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