In it, but not of it. TPM DC

Dem Plan To Raise Taxes On Millionaires Only An Expensive Proposition

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Newscom / KEVIN DIETSCH

"Using very rough, preliminary numbers, they concluded that the ten-year cost of extending tax cuts for incomes below $250,000 was $3.2 trillion and that the cost of extending cuts for incomes less than $1 million was $3.6 trillion. In other words, the higher threshold would cost an additional $400 billion over ten years."

Savvy as it is, this maneuver would more than halve the deficit savings of their original, endangered plan. Likewise the millionaires' bracket is significantly more expensive than yet a different Dem plan to "decouple" the tax brackets; to permanently extend all the middle-income cuts, and let cuts for income above $250,000 expire after two years.

This will all be sorted out shortly. The first big tax cut vote of the lame duck session could come as early as this week.

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com