Franken wants ‘bonus’ millionaire tax breaks funneled to Social Security instead

As the tax bill extending the Bush tax breaks moves forward in the U.S. Senate, Sen. Al Franken offered a new proposal: repeal “bonus” tax breaks for people making more than $1 million a year, with the savings used to bolster Social Security.

In a letter Thursday to Senate Majority Leader Harry Reid, Franken and seven other senators, all Democrats, asked for a vote on a plan to repeal some tax breaks for the millionaire earners. They’d still get the benefit of continuing tax breaks on all the income below the million-dollar level.

Said the letter:

“The tax package announced by President Obama and Congressional Republicans includes some important provisions that we strongly support, but also a deeply misguided allocation of resources at a time that the United States does not have resources to waste. The Senate, however, can make it better. We ask that you ensure an opportunity for the Senate to vote on an amendment that will give the American people a clear choice whether they would prefer to give bonus tax cuts to the very wealthiest among us, as the package currently proposes, or to use these resources to strengthen Social Security.”

Also signing the letter were Sens. Jeff Merkley (D-Oregon), Mary Landrieu (D-Louisiana), Mark Begich (D-Alaska), Daniel Akaka (D-Hawaii), Sherrod Brown (D-Ohio), Mark Udall (D-Colorado), and Barbara Boxer (D-California).

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Comments (2)

  1. Submitted by Jayne Caldwell on 12/11/2010 - 11:06 am.

    Go Al! YES!

  2. Submitted by Hénock Gugsa on 12/12/2010 - 06:35 pm.

    At last, a serious alternative to the “dud” compromise from the spineless one at the White House. And already 12% of the Senate are signatories.

    Regarding the current occupant at the White House …
    it is now official …. The missing WMD of GWB has been found …
    and it’s been here all along,

    … and it is,

    … wait for it,

    … wait for it,

    …. it is …

    BHO! 🙁

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