Word: surtaxing
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...cigarettes. They proposed a smaller increase in Medicare premiums than the defeated pact would have. Most important, the House Democrats would have taken a whack at the rich by hiking the marginal tax rate for couples earning more than $78,400 to 33% from 28%, with an extra 10% surtax on earnings above $1 million. "What we're doing is getting our house in order," boasted Dan Rostenkowski, chairman of the Ways and Means Committee. "Tonight, equity and fairness make a comeback...
...with 31 million members and a 1988 budget of $236 million, is among the most powerful lobbies on Capitol Hill. Alongside it is the even more militant National Committee to Preserve Social Security and Medicare. Last year the 5 million-member organization led the successful fight to repeal the surtax that Congress had imposed on the Social Security benefits of wealthier recipients to finance catastrophic health insurance for all older people...
...Congress have forgotten the moment during the surtax fight when a crowd of Chicago retirees mobbed the car of Dan Rostenkowski, chairman of the House Ways and Means Committee. To avoid being mobbed in the same way on Election Day, Congress has declined to inflict much pain on its older constituents. As for children -- they don't vote...
...Democrats no longer are insisting on imposing a surtax on the rich. Rather, Foley said, the new plan "fully supplants the impact of the surtax...
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...