On Friday, President Barack Obama proposed a tax increase on Americans who make over one million dollars per year in order to pay for programs that will create jobs and improve the nation’s infrastructure. Over the weekend, Republicans in Congress were quick to oppose the plan.
Increasing the taxes paid by millionaires would “stagnate this economy”, said Senator Mitch McConnell. Representative Paul Ryan said that asking millionaires to contribute more is “rotten economics”. Senator Lindsey Graham complained that the plan would “pick on” millionaires and billionaires.
So it appears that, even though Obama has shifted from raising taxes on everyone over $250,000 per year to merely raising taxes on millionaires, Republicans in Congress won’t cooperate with the President’s plan. There may be a great deal of talk in the coming weeks about a millionaire’s tax, but there will be no action.