President Obama and his Democratic allies agree on one thing: Rich people are giving insufficient quantities of money to the federal government.
But they are having trouble agreeing on exactly what constitutes "rich."
Politico reports:
Nancy Pelosi’s expanded definition of the middle-class is running into criticism from old progressive allies fearful that the House Democratic leader is giving up too much in the battle over Bush-era tax cuts.
The Center on Budget and Policy Priorities weighed in Wednesday with a report saying that as much as $366 billion in 10-year-revenues would be lost under Pelosi’s plan allowing households earning up to $1 million—not just $250,000—to be allowed to keep their lower tax rates after January.
That’s almost half of the $829 billion in potential revenue gains under the initial White House position, if President Barack Obama holds firm to the $250,000 limit.
The Center on Budget and Policy Priorities is a left-wing economic analysis firm funded by billionaire George Soros.
