The Buffet Tax, a pledge to ensure that those who make their money off of investment income don’t pay a smaller share in taxes than those who earn it by working, has been decidedly unpopular with the Congressional Republicans. But now a lawmaker is introducing a millionaires tax of his own.
His name in is Rick Crawford, and he’s a Republican.
The Arkansas Congressman is only in his first term, but he’s allies fast. He’s proposing President Barack Obama’s millionaires tax, but only if Democrats agree to a balanced budget amendment in exchange.
“If we are going to take financial calamity off the table both parties will need to come together,” Crawford said in a statement. “Republicans have long championed a balanced budget amendment to force the federal government to live within its means. Democrats have pushed for new taxes on millionaires to address our debt. This reasonable approach can be the beginning of a new era in Washington where Congress puts the needs of the country first and stops burdening future generations of Americans with immense debt.”
His Republican colleagues are less than impressed by the deal. “The response thus far has been mostly negative with many conservatives calling for my head,” he told The Caucus. “I’ve had donors threaten to stop giving, and my staff has received a few acerbic e-mails. But this does not deter me because the alternative is economic calamity, taxes that will be much higher than they are today, and most likely a compromise that includes tax increases coupled with temporary spending cuts.”
So much for the beginning of a new era.
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