STATEMENT: CAP’s Economic Experts on Taxing Millionaires to Pay for the American Jobs Act
Contact: Katie Peters
Washington, D.C. — Today, at a press conference to discuss plans for advancing the American Jobs Act, Senate Democratic leaders proposed a 5 percent surtax on those earning $1 million a year as a new way to pay for President Barack Obama’s plan.
The Center for American Progress has long advocated for the idea of imposing higher taxes on millionaires who make up less than 1 percent of taxpayers. As a percentage of their incomes, millionaires are now paying about one-quarter less of their income to federal taxes than they did in the mid-1990s. Millionaires paid an average tax rate of 22.4 percent in 2009, down by a quarter since 1995, when they paid an average of 30.4 percent. Asking these wealthy individuals to contribute their fair share is a sensible solution to fund the American Jobs Act and put millions of Americans back to work.
The following CAP experts will be available for comment:
- Michael Ettlinger, Vice President for Economic Policy at the Center for American Progress
- Michael Linden, Director, Tax and Budget Policy at the Center for American Progress
- Seth Hanlon, Director of Fiscal Policy, Doing What Works
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