Conrad's budget hits millionaires with 3% surtax; uses 50/50 split of spending cuts, tax increases

Senate Dems target millionaires for tax in draft budget outline
By Bernie Becker
05/11/11

Millionaires would be hit with a 3 percent surtax under a draft Senate Democratic budget.

A Senate aide told The Hill on Wednesday that the draft 2012 budget outline presented at Tuesday's Democratic policy lunch by Senate Budget Committee Chairman Kent Conrad (D-N.D.) called for a 3 percent surtax on income over $1 million a year.

Conrad’s proposal would use a 50-50 split of spending cuts and tax increases to reduce the deficit, which was a nod to progressives in the Senate Democratic caucus.

The shift to the political left is also sure to play a role as Democrats lay down a marker in discussions over raising the $14.3 trillion debt ceiling with Republicans, who have said the House GOP budget is their starting point.

http://thehill.com/blogs/on-the-money/budget/160537-senate-dem-draft-budget-had-millionaire-surtax