Tags: Economic- Crisis | Bush Tax Cuts | Millionaires tax | Bush tax cuts | Claire McCaskill | budget plan

Democrats Use Millionaires Tax as Bargaining Chip

Wednesday, 18 May 2011 01:15 PM

By Dan Weil

Senate Democrats are playing politics with their proposals to raise taxes on millionaires. They know such a tax increase has little chance of making it through Congress, The Hill reports.

Millionaires tax, Bush tax cuts, Claire McCaskill, budget plan
Claire McCaskill
However, because the idea of a millionaires tax has popularity among the public, the Democrats are trying to use it to make Republicans agree to other tax increases.

Democrats are considering two tax ideas to include in their budget plan. One would end the George W. Bush-era tax cuts for families with an annual income of more than $1 million. And the other would slap a 3 percent to 5.4 percent surtax on these families.

Sen. Claire McCaskill, D-Mo., explained what the proposals mean. “I don’t think it’s realistic that would ever pass,” she said.

“I think we’re trying to find a negotiating point.”





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