As they gear up for this fall’s fight over the economy and deficit reduction, Democrats think that “drawing the line at $1 million is the right thing to do,” said Sen. Chuck Schumer (D-N.Y.), a chief advocate of the effort.
“In the eyes of many, it is hard to ask more of households making $250,000 or $300,000 a year,” he said Wednesday. “In large parts of the country, that kind of income does not get you a big home or lots of vacations or anything else that is associated with wealth. It also would affect too many small businesses.”
“We need to try to find bipartisan support, and I think there’s a greater likelihood of that if we [tax] income in excess at $1 million,” said Sen. Tom Carper (D-Del.).
Added liberal California Sen. Barbara Boxer of the Democrats’ latest proposal: “I think we feel millionaires — that’s the fairest way to go.”