Domestic Taxes

Lieberman says tax cut proposal can pass the Senate

The tax-cut proposal received a chilly reception on Capitol Hill from many Democrats on Tuesday because of the two-year extension of the tax cuts for the nation’s wealthier taxpayers.

“The alternative was more partisan gridlock, no agreement and everyone’s taxes going up,” Lieberman said. 

Sen. Bill Nelson (D-Fla.) also favors the deal. 

“It’s the right thing to do to stimulate the economy,” he said. “I support the bipartisan compromise.”

Nelson said he expects a few small modifications but that the package outlined by Obama on Monday night will remain intact.  

Sen. Tom Carper (D-Del.) said the vice president “did a good job in laying out the pluses of the plan” and the “stimulus that will flow.”

He would only characterize the meeting with Biden as “very, very constructive,” saying “people are still chewing on” the plan. 

Carper said that while he generally supports the deal, he would’ve preferred a one-year extension of tax cuts in order to focus on the reams of information from the president’s fiscal panel, saying it’s possible that only a year would be needed for the tax cuts for the wealthiest taxpayers. 

As far as the plan, he said it’s “fairly well baked” but “the cake is still in the oven.”

The plan also gathered support from businesses groups off Capitol Hill that have been critical of the president’s economic policies.  

“An extension of all the marginal rates along with the extension of the business tax extenders, such as the R&D and active finance, and a sensible estate tax agreement will go a long way toward helping our economy break out of this slump and begin creating American jobs,” said Bruce Josten, chief lobbyist for the U.S. Chamber of Commerce, in a statement. 

“While the devil is in the details, we are hopeful that Congress will swiftly pass this bipartisan framework to prevent a massive tax increase and help our economy move forward.”

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