House approves new GI bill
- added May 16, 2008
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The House voted this week to endorse a greatly expanded GI education benefit for veterans of Iraq and Afghanistan to be financed by a proposed .47 percent surtax on the wealthy.
The action pushes Democrats into new political territory for this Congress: raising income taxes outright on the rich to pay for new spending — and not just to shift the burden and pay for tax breaks for the middle class.
Individuals earning more than $500,000 and couples with joint returns in excess of $1 million would feel the surtax, which would apply only to income above the threshold level. Republican tax writers said small business partnerships and Subchapter S corporations would be hit as well, but Democrats argued that the education investment—costing $52 billion over 10 years—was warranted and worth the political risk on the tax issue.
“You talk about working families? We’re talking about asking people who make over $1 million a year to increase their taxes $500 for these veterans to go to college,” said Rep. John Tanner (D-Tenn.). “This is dedicated funding, and it comes from people in this country who have to most to give to the people who gave the most.”
Thirty-two Republicans joined the majority on the 256-166 vote, a rare showing of bipartisanship in the bitter debate over Iraq policy that had provoked yet more political maneuvering on the floor just minutes earlier.
The action pushes Democrats into new political territory for this Congress: raising income taxes outright on the rich to pay for new spending — and not just to shift the burden and pay for tax breaks for the middle class.
Individuals earning more than $500,000 and couples with joint returns in excess of $1 million would feel the surtax, which would apply only to income above the threshold level. Republican tax writers said small business partnerships and Subchapter S corporations would be hit as well, but Democrats argued that the education investment—costing $52 billion over 10 years—was warranted and worth the political risk on the tax issue.
“You talk about working families? We’re talking about asking people who make over $1 million a year to increase their taxes $500 for these veterans to go to college,” said Rep. John Tanner (D-Tenn.). “This is dedicated funding, and it comes from people in this country who have to most to give to the people who gave the most.”
Thirty-two Republicans joined the majority on the 256-166 vote, a rare showing of bipartisanship in the bitter debate over Iraq policy that had provoked yet more political maneuvering on the floor just minutes earlier.
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- ajwashington
- 2 months ago
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