Sen. Sheldon Whitehouse is sponsoring the "Buffett Rule" bill, which would impose a minimum tax rate on millionaires that he said would raise $50 billion or more during the coming decade.
The Democrats’ small-business tax cut, which is modeled on Obama’s proposal from last year, would reward companies for growing their payrolls or investing in new facilities and equipment.
Cantor has defended his proposed tax cut, and in particular his decision not to carve out exceptions for industries such as pornography producers, financial firms, sports teams and the like, by saying that Congress doesn’t do that for the rest of the tax code.
As for talk that GOP presidential frontrunner Mitt Romney might pick House Budget Chairman Paul Ryan (R-Wis.) as his running mate, Schumer dismissed that scenario. “He’s going to have to move much more to the center,” Schumer said of Romney. Democrats contend Ryan’s budget blueprint, which recently passed the House, panders to the tea party faction on the GOP and would endanger federal programs, including entitlements such as Medicare and Medicaid, by requiring steep spending cuts.