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S.AMDT.4218 Amends: S.CON.RES.70 Sponsor: Sen Sanders, Bernard (submitted 3/12/2008) (proposed 3/13/2008) AMENDMENT PURPOSE: To put children ahead of millionaires and billionaires by restoring the pre-2001 top income tax rate for people earning over $1 million, and use this revenue to invest in LIHEAP; IDEA; Head Start; Child Care; nutrition; school construction and deficit reduction.
TEXT OF AMENDMENT AS SUBMITTED: CR S2016-2017
Bill Summary & Status 110th Congress (2007 - 2008) S.AMDT.4218
http://thomas.loc.gov/cgi-bin/bdquery/z?d110:SP04218:
STATUS:
3/13/2008: Amendment SA 4218 proposed by Senator Sanders. (consideration: CR S2055-2056; text: CR S2056) 3/13/2008: Amendment SA 4218 not agreed to in Senate by Yea-Nay Vote. 43 - 55. Record Vote Number: 64. COSPONSORS(10):
Sen Clinton, Hillary Rodham - 3/12/2008 Sen Kennedy, Edward M. - 3/12/2008 Sen Harkin, Tom - 3/12/2008 Sen Mikulski, Barbara A. - 3/12/2008 Sen Schumer, Charles E. - 3/12/2008 Sen Brown, Sherrod - 3/12/2008 Sen Durbin, Richard - 3/12/2008 Sen Levin, Carl - 3/12/2008 Sen Casey, Robert P., Jr. - 3/12/2008 Sen Menendez, Robert - 3/13/2008
CONGRESSIONAL SUMMARY: To put children ahead of millionaires and billionaires by restoring the pre-2001 top income tax rate for people earning over $1 million, and use this revenue to invest in LIHEAP; IDEA; Head Start; Child Care; nutrition; school construction and deficit reduction.
SUPPORTER'S ARGUMENT FOR VOTING YES:Sen. SANDERS: The wealthiest people in the country have not had it so good since the 1920s. Their incomes are soaring, while at the same time the middle class is shrinking, and we have by far the highest rate of childhood poverty of any major country. The time is now to begin changing our national priorities and moving this country in a different direction.
This amendment restores the top income tax bracket for households earning more than $1 million a year, it raises $32.5 billion over 3 years, and invests that in our kids, including $10 billion for special education. OPPONENT'S ARGUMENT FOR VOTING NO:Sen. KYL: The problem is we are spending the same dollar 3 or 4 times, it appears. The Sanders amendment is paid for by raising taxes another $32.5 billion, ostensibly from the rich; that is to say, by raising taxes on people who make over $1 million a year. Here is the problem with that. The budget on the floor already assumes the expiration of the current tax rates; that is to say, the rates on the highest level go from 35% to 39.6%, and that money is spent. If you took all the top-rate income, you would come up with $25 billion a year, not even enough to meet what is here, and that money has already been spent. The reality is somewhere or other, somehow, more taxes would have to be raised. I don't think the American people want to do that, particularly in the current environment. LEGISLATIVE OUTCOME:Amendment rejected, 43-55 Reference: Bill S.Amdt.4218 to S.Con.Res.70 ; vote number 08-S064 on Mar 13, 2008
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