Yglesias

Surtax Plan Details Firming Up

CREDIT:

Jeff Young outlines House Democrats’ plan to raise $540 billion over ten years in new “surtaxes” on high-income taxpayers: “There would be different surtax rates, ranging from 1 percent to 3 percent, for workers with annual earnings of $350,000, $500,000 and $1 million, Rangel said.”

This is not my favorite financing idea, but it works just fine.