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Friday, May 16, 2008
GI Bill Surtax Would Affect 0.3% of All Taxpayers
When the House approved the domestic spending amendment to the war supplemental spending bill, it approved not only a $52 billion expansion of the GI Bill, but a 0.5% surtax on income for millionaire couples (individuals earning more than $500,000).
According a recent Citizens for Tax Justice report, the tax would affect about 0.3% of all taxpayers.
"The surtax would simply scale back the Bush tax cuts for the richest 0.3 percent of taxpayers, by an average of just 7 percent, to help the men and women returning from the wars and their families," said Robert S. McIntyre, director of Citizens for Tax Justice. "Lawmakers who oppose this proposal will prove that they really do value tax cuts for the wealthy over all else."
Annual effects of a proposed 0.47% surtax on adjusted gross income in excess of
$1 million for married couples and $500,000 for others (at 2007 levels) |
| Number affected by surtax | % of all taxpayers affected | Total tax change
($-billion) | Average tax change |
| Married couples | 291,300 | 0.5% | $+3.0 | $+10,240 |
| Others | 152,500 | 0.2% | +0.9 | +5,960 |
| ALL | 443,800 | 0.3% | +3.9 | +8,770 |
| Source: Citizens for Tax Justice, "Surtax on Millionaires to Help Veterans Would Be A Tiny Sacrifice for the Richest 0.3 Percent of Taxpayers" |
(click here to see full report chart)
Posted by Craig Jennings
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