February 02,2012

Press Contact:

Julia Lawless, Antonia Ferrier, 202.224.4515

Facts Are Stubborn Things: Senate Democrats’ $1.4 Trillion Tax Hike For More Washington Spending, Not to Reduce Inequality

There’s a lot of talk about taxing the so-called rich to address income inequality and fairness.  But every time Senate Democrats put forward a millionaires surtax – a total of six times totaling a $1.4 trillion tax hike – thus far in the 112th Congress, it was for more Washington spending that had nothing to do with income inequality.
 
Below is a list detailing all the times last year that the Majority undertook these surtaxes for more Washington Spending:

 

Democrats’ Tax Hike Proposals
112th Congress		  Federal Government
Spending Project

S. 1549: limit deductions for people
earning $200,000+

 $450.2 Billion in Tax Hikes* to pay for
second  temporary stimulus bill
S. 1660: 5.6 percent permanent surtax
on people earning $1 million+		 $452.7 Billion in Tax Hikes* to pay for
second temporary stimulus bill
S. 1723: 0.5 percent permanent surtax
on people earning $1 million+		 $40.5 Billion in Tax Hikes* to prop up states
to pay mostly union workers
S. 1769: 0.7 percent permanent surtax
on people earning $1 million+		 $57.3 Billion in Tax Hikes* to pay for
infrastructure bank slush fund
S. 1917: 3.25 percent permanent surtax
on people earning $1 million+		 $267.5 Billion in Tax Hikes* to pay for
temporary payroll tax holiday
S. 1944: 1.9 percent long-term surtax on people
earning $1 million+		 $153 Billion in Tax Hikes* to pay for
temporary payroll tax holiday

*Source: Revenue Estimates were calculated by the Joint Committee on Taxation and Congressional Budget Office. 

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