Senate Republicans would raise taxes on millions of families at the end of this year. In fact, based on our analysis, the Senate Republicans\u2019 plan would likely raise taxes on more than 20 million families\u2014about 10 times as many people who would see higher taxes next year under the Senate Democrats\u2019 plan offered by Majority Leader Harry Reid (D-NV). Under Sen. Reid\u2019s bill, the only people who would lose tax cuts are the roughly 2.1 million households, or less than 2 percent, with incomes of more than $250,000. The Senate is expected to vote on both tax plans next week.<\/p>\n
How is the Senate Republicans\u2019 plan a tax hike on some 20 million families? While it extends all of the tax cuts first enacted under President George W. Bush, it lets several important tax cuts enacted under President Barack Obama expire at the end of the year. Apparently Sen. McConnell thinks tax cuts signed into law by President Obama don\u2019t count as tax cuts.<\/p>\n