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GOP frosh to back millionaires’ tax
|Last Edited||IndyGeorgia Mar 14, 2012 08:29pm|
|News Date||Thursday, March 15, 2012 02:00:00 AM UTC0:0|
|Description||Freshman Republican Rep. Rick Crawford will propose a surtax on millionaires Thursday morning, a crack in the steadfast GOP opposition to extracting more money from the nation’s top earners. |
The Arkansas Republican will unveil the plan during a local television interview Thursday morning, and plans to introduce legislation when the House returns next week, according to sources familiar with his thinking.
Crawford will propose the additional tax— expected to be north of 2.5 percent — on individual income over $1 million as part of a broader fiscal responsibility package.
“He’s watched the Gangs of Six and 100 and deficit commissions, as well as leadership’s budget and tax plan, and he feels there will never be a deal that will pass the Senate without a revenue component,” a Crawford aide said, describing the legislation without attribution because it has not yet been officially announced.
It’s a significant development in the multi-year Republican fight over the $15 trillion debt.
This freshman class was swept into D.C. on a wave of fiscal responsibility, which has given way to a slew of proposals to attempt to right the nation’s finances. Most notably, Republicans have slashed billions of dollars in government spending, proposed massive overhauls to social programs and morphed routine events like raising the nation’s debt ceiling and funding the government into cataclysmic, soul-searching fights.
But Republicans have always been resistant to raising government revenue through increased taxes. House Republican leaders have insisting that raising taxes on the nation’s top earners would stifle job creation and economic growth. They prefer to raise revenue through overhauling the tax code — they have constantly proposed lowering rates and broadening the base of taxpayers.
Increasing taxes — or imposing a surcharge — on the nation’s super-wealthy has long been the province of Democrats ranging from Senate leaders such as
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