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If At First You Don’t Succeed …

- October 5, 2011

With Support For Obama’s Stimulus “Withering”, Sen. Reid Plans To Introduce A Millionaires Tax

“With The President’s Jobs Bill Withering On The Vine,” Sen. Reid Plans To Introduce A Millionaires Tax Bracket To Pay For The President’s Stimulus. “With the president's jobs bill withering on the vine in Congress, Senate Majority Leader Harry Reid plans to change the offsets before bringing it to the floor next week. Reid (D-Nev.) wants to scrap the White House revenue-raisers and replace them with a package headlined by a 5 percent income tax surcharge on millionaires.” (Jonathan Allen, “Surtax For Millionaires,” Politico’s “Huddle”, 10/5/11)

  • “That Will Make Progressives Happy … But It Seems Like An Unlikely Way To Free Up Votes For The Jobs Bill.” “That will make progressives happy because it helps set up the argument that Republicans would sacrifice jobs to protect millionaires. But it seems like an unlikely way to free up votes for the jobs bill.” (Jonathan Allen, “Surtax For Millionaires,” Politico’s “Huddle”, 10/5/11)

Sen. Reid Must Have Forgotten That Idea Faced Bipartisan Opposition In 2010

In December 2010, The Senate Defeated An Attempt By Sen. Schumer To Create A Millionaires Tax Bracket. “Senate lawmakers then defeated a separate attempt by a vote of 53-37 to raise the threshold for middle-class tax cuts to $1 million and then extend that tax level permanently.” (Corey Boles, “Obama Signals Openness To A Tax-Cut Deal,” The Wall Street Journal, 12/6/10)

  • The White House Was Opposed To Schumer’s Millionaire Tax Bracket Because “It Would Do Little To Reduce The Deficit.” “In a sign of the deepening divisions between the administration and congressional Democrats, White House officials had voiced their opposition to raising the threshold to $1 million, saying it would do little to reduce the deficit.” (David M. Herszenhorn, “Senate Defeats Bill To Extend Tax Cuts To All But The Wealthy,” The New York Times, 12/4/10)
  • Democrat Senators Durbin, Feingold, Harkin, Lieberman And Rockefeller Voted Against The Measure. (S.Amdt 4728 To HR 4853, Roll Call #259: Motion To Invoke Cloture Rejected, 53-37, D 53-4, R 0-32, I 1-1, 12/4/11; Durbin, Feingold, Harkin, Lieberman And Rockefeller Voted Nay)

 


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