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Tax fight takes center stage in the Senate

12:29 PM, Jul 10, 2012   |    comments
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Washington (AP) - The tax fight isn't just playing out on the campaign trail today -- it's also taking center stage in the Senate, where leaders of both parties are belittling each other's tax-cutting plans.

Democrats today are trying to advance legislation that would lower taxes for companies that hire new workers, give raises or buy major new equipment this year.

Republicans, who prefer broader tax changes like some that were approved in the House, may try to quickly derail the measure.

Senate Democratic leader Harry Reid said Republicans have a "completely different" approach. He said they want to give "huge across-the-board tax breaks" to "billionaire hedge fund managers" and to people like Donald Trump.

Republican Mitch McConnell, meanwhile, aimed his fire at President Barack Obama, who yesterday urged Congress to extend tax cuts for most taxpayers but to let them expire for households making more than $250,000 a year. Republicans say the higher taxes would affect many business owners, making it harder for them to create jobs. McConnell today said Obama has a "nightmarish economic record" -- and that he's trying to "distract from it" by raising taxes on the rich.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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