Democrats Poised to Propose a Millionaire’s Tax Bracket?
Until now, Republicans and some moderate Democrats have refused to support an Obama administration plan to keep tax breaks for middle-class families but to let
Jul 31, 20201M Shares14.3M Views
Until now, Republicans and some moderate Democrats have refusedto support an Obama administration plan to keep tax breaks for middle-class families but to let taxes rise for individuals making more than $200,000 a year and households making more than $250,000 — about 2.1 percent of filers. The “wrestling match” over the tax cuts, in Obama’s evocative phrasing, seemed destined to result in a one-to-three-year extension for all Americans after some Congressional gridlock.
But now it seems that Democrats might propose a new compromise: A tax hike on millionaires, or a millionaire’stax bracket.
TPM has confirmedthe rumors with a House aide: “Some Democrats want to create a tax bracket for people earning $1 million and up, a shift that could give the party the rhetorical edge this fall.” (I will update as soon as I know who is proposing what.)
And there is some movement on the Senate side as well. Sen. Jim Webb’s (D-Va.) office confirmed to me that the senator, who previously saidhe does not support raising taxes for households making more than $250,000, might support raising taxes for households earning some larger amount. (His office did not have any more details than that.)
That means the millionaire’s tax bracket might get some traction. It is an issue that polls well — most Americanssupport letting taxes rise for the wealthiest two percent. And while some might argue a family making $250,000 a year is not “really rich” — really?— it is hard to argue millionaires can’t afford a slight hike in their top marginal rate.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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