Dems Seek To Spare Their Wealthy Constituents From Impending Tax Increase When Bush Tax Cuts Expire

Dems Seek To Spare Their Wealthy Constituents From Impending Tax Increase When Bush Tax Cuts Expire: "I'd say it is unbelievable, but it is completely believable. One irony of the tax increase that arrives on January 1 is that the it will hit residents of high-income, Democratic-leaning states like California, Connecticut, New Jersey and New York the hardest. This is a problem for pro-tax Democrats. Enter New York Representative Jerrold Nadler, who wants to exempt his own six-figure constituents from the tax hike he supports. Mr. Nadler's bill would 'require the IRS to adjust tax brackets proportionally in regions where the average cost of living is higher than the national average.' In other words, the various..."