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.
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125-a-14-(Senate Minority Leader Mitch McConnell, R-Ky., in remarks)-"attention from it"-Senate Minority Leader Mitch McConnell says the Democratic approach to taxes is way off base. (10 Jul 2012)
<<CUT *125 (07/10/12)>> 00:14 "attention from it"
122-w-35-(Jerry Bodlander, AP correspondent, with Senate Majority Leader Harry Reid, D-Nev.)--The Senate is nearing a vote on a plan to slash the tax bill for businesses. AP correspondent Jerry Bodlander reports. (10 Jul 2012)
<<CUT *122 (07/10/12)>> 00:35
123-a-14-(Senate Majority Leader Harry Reid, D-Nev.,, in remarks)-"to grow faster"-Senate Majority Leader Harry Reid says the tax break could go to a lot of companies. (10 Jul 2012)
<<CUT *123 (07/10/12)>> 00:14 "to grow faster"
GRAPHICSBANK: Barack Obama headshot, as US President, lays out his plan to extend tax cuts for the middle class, Washington, DC, graphic element on gray (9 Jul 2012)
APPHOTO WX101: FILE - In this May 17, 2012 file photo, Sen. Charles Schumer, D-N.Y. gestures during a news conference on Capitol Hill in Washington. Democrats want to push tax cuts through the Senate for companies that hire new workers, give raises or buy major new equipment this year. With neither party eager to let the other claim campaign-season victories, the ultimate fate of the roughly $29 billion legislation seems dubious. Debate was to begin Tuesday, though it was possible Republicans would use procedural blockades to quickly derail the measure. (AP Photo/Susan Walsh, File) (17 May 2012)
<<APPHOTO WX101 (05/17/12)>>
APPHOTO WX102: FILE - In this Sept. 7, 2011 file photo, Sen. Orrin Hatch, R-Utah speaks on Capitol Hill in Washington. Democrats want to push tax cuts through the Senate for companies that hire new workers, give raises or buy major new equipment this year. With neither party eager to let the other claim campaign-season victories, the ultimate fate of the roughly $29 billion legislation seems dubious. Debate was to begin Tuesday, though it was possible Republicans would use procedural blockades to quickly derail the measure. (AP Photo/J. Scott Applewhite, File) (7 Sep 2011)
<<APPHOTO WX102 (09/07/11)>>
