WASHINGTON (AP) -- Senate Democrats are readying a one-year, $272 billion bill extending income tax cuts for all but the highest earning Americans that would also boost their capital gains and dividends taxes next year to 23.8 percent.
A draft bill being circulated by Democrats would keep income tax rates for families earning below $250,000 where they are through next year, rather than automatically rising in January when those rates expire. Those earning above $250,000 would face a top rate of 39.6 percent.
The top rate on capital gains and dividend income is 15 percent this year. The draft bill sets those rates at 20 percent, and President Barack Obama's health care law will add another 3.8 percent for high earners.
Democrats hope to debate the measure as soon as next week.
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