Windfall for Rich, Mitchell Says of Bush’s Tax Cut Plan
WASHINGTON — Senate Democratic leader George J. Mitchell warned today that President Bush’s proposed cut in capital gains taxes would provide a windfall for the wealthy at the expense of middle-class taxpayers.
Mitchell said he could support a reduction in capital gains taxes as “part of a fair and progressive tax structure†but added that that can be accomplished only through a “major revamping†of the tax code.
The Senate Democratic leader also said any reduction in the capital gains tax should be “targeted for small new businesses,†which Bush’s proposal does not do.
Bush has asked Congress to cut the maximum capital gains tax from 33% to 15%, and his proposal has found strong support among Republicans, as well as a surprising number of conservative Democrats.
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