Bernie Sanders introduces millionaire surtax to slash deficit

[Enrique]

Source: Raw Story

WASHINGTON – As Democrats and Republicans battle over how much spending should be cut to bridge the budget shortfall, one senator is focusing on the other side of the equation: revenues.

Sen. Bernie Sanders (I-VT) on Thursday afternoon introduced a bill (pdf) that would establish a surtax on millionaires and strip tax deductions for oil companies -- a proposal he claims would cut the deficit by about $50 billion.

The Emergency Deficit Reduction Act would accomplish this by raising taxes by 5.4 percent on annual income over $1 million.

Congress has yet to pass a budget to fund the government for fiscal 2011, approving three continuing resolutions to avoid a shutdown. The latest expires March 18. The Senate rejected the Democratic and Republican proposals Wednesday.

A NBC/Wall Street Journal poll found late February that 81 percent of Americans believe a surtax on millionaires is an acceptable way to close the budget shortfall.

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Read more: http://www.rawstory.com/rs/2011/03/11/sanders-introduces-millionaire-surtax-to-slash-deficit/