Senate Democratic Leader Harry Reid has proposed a bill to have a 5.6% surtax on individuals making $1 million dollars or more, an idea supported by president Obama. The Tax Policy Centre has estimated that this bill would on average increase the Millionaires’ tax bills by more than $110 000. The bill’s primary goal is to help fund a $445 billion stimulus package to reduce the deficit. Following the proposition of this bill, the Democrats have stated that individuals making $999 000 are still part of the “struggling middle class” and have to be protected from tax increase. If this bill would pass, it would mean that as of 2013 the Millionaires would be taxed up to 50% through the expiration of the 2001/2003/2010 tax laws, in addition to the health law tax and Reid’s bill.

In my opinion this bill is ridiculous since it proposes that the government should treat millionaires different, and take more of their hard earned money. This is discriminatory as its not ethical to take more money away from people who have earned it. These type of bills would only result in millionaires hiring accountants to help avoid the tax, and discourage people from making more money since they know they will give it up through taxes. Its not fair that successful people should be treated differently, and forced to pay more in taxes. These actions will make the government lose the support from the rich, and affect their business opportunities.

Work Cited:

Obama, President, 000, and the Tax Policy Center estimates. “The Democrat’s Millionaire Tax: Smart Politics, Awful Policy – Forbes.”Information for the World’s Business Leaders – Forbes.com. N.p., n.d. Web. 9 Oct. 2011. <http://www.forbes.com/sites/beltway/2011/10/06/the-democrats-millionaire-tax-smart-politics-awful-policy/>.