Word: surtax
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Dates: during 1990-1999
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Long's redistributionary rhetoric, of course, is much more radical than anything you hear in Washington these days. Proposals for a 10 percent surtax on people with incomes of over $1 million (currently in Rostenkowski's budget plan) or a 50 percent marginal tax on unsaved income over $100,000 are more politically viable (not to mention economically feasible) than Long's ideas...
...many Democrats by last week were giving it a wary, and sometimes hostile, second look. Speaker of the House Tom Foley expressed "reservations" about the idea. Ways and Means Chairman Dan Rostenkowski, a Chicago Democrat who has felt the wrath of senior-citizens groups over the catastrophic-health-care surtax, dubbed the proposal a "disaster." Democrats feared that the budget squeeze on other domestic programs, already harsh, would be still worse if the Government had to go hunting for billions to replace the lost Social Security revenue...