Stabenow opposes extending Bush tax cuts for the wealthy

“It [the tax cuts] have not done that,” she said. “And I think we are much better off” extending tax breaks for the middle class. 

Extending tax breaks for the wealthy is not a priority for Democrats, but allowing them to expire poses political risk for them in the run up to the election. Some have argued that allowing those tax breaks to expire will hurt small businesses and slow economic growth.

Stabenow said no decision has been made on a legislative vehicle for extending the middle class tax breaks. 

“Senator Baucus has been planning on doing a larger tax reform bill, but at this point the final decision has not been made on how to move this [extending middle class tax cuts],” she said. 

Stabenow has not participated in talks about extending the top bracket tax cuts for small businesses. But she said the Senate Finance Committee is expected to put forward a jobs bill that focuses on small business. 

“We are focused on small businesses and we’re planning on moving a bill that would include embracing the president’s proposal on eliminating capital gains for small businesses,” Stabenow said.