The U.S. Senate defeated a jobs bill in October 2011 that included a surcharge on taxpayers who earn more than $1 million in adjusted gross income.
According to a study by Citizens for Tax Justice, only one-tenth of one percent of Maine taxpayers would have been affected by the surcharge -- about 375 people. On the other hand, the legislation would have created 2 million new jobs nationally and cut taxes for virtually all Maine taxpayers.
The result was the same in April, when the chamber turned aside the so-called Buffett Rule that would apply a minimum tax rate of 30 percent on individuals making more than $1,000,000 a year. The higher minimum tax rate would ensure taxpayers in the highest income bracket do not pay a lower percentage of income in taxes than less-affluent Americans. It would affect 0.3 percent of taxpayers.
Everyone knows we need to change the dynamic in Washington to unleash the middle class and create a broad-based economic recovery. But we can't keep sending millionaires and corporate-funded candidates to Congress over and over again and expect a different outcome. I support the Buffett Rule to bring the super-rich in line with average taxpayers, and the Jobs Bill to fund a broad-based prosperity.