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The Washington Independent
The Washington Independent

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

Elyse Woods
News
Last updated: Jul 31, 2020 | Sep 15, 2010

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 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’s tax bracket.

TPM has confirmed the 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 said he 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 Americans support 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.

Elyse Woods | As a product marketing manager, I've had the opportunity to help a variety of companies improve their sales margins and audience reaction to new products. Since I am passionate about product perception, marketing, and company statistics, I have brought commitment and positive results to the companies with which I have worked. What makes a product successful fascinates and inspires me.

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