Senate Democrats Should Have Embraced Surtax on Millionaires

Senate Democrats Should Have Embraced Surtax on Millionaires

Senate Democrats Should Have Embraced Surtax on Millionaires

Senate Budget Committee chair Kent Conrad had a good, old-fashioned prairie-populist idea for addressing deficits: Impose a surtax on millionaires. His colleagues should have embraced it.

Copy Link
Facebook
X (Twitter)
Bluesky
Pocket
Email

North Dakota Senator Kent Conrad does not serve as a Democrat.

He serves as a Democrat-Non-Partisan League senator.

That’s a recognition of the fact that the North Dakota Democratic Party and the old Non-Partisan League, a radical grouping that challenged corporate interests and the wealthy elites (with a state-owned bank, publicly run grain elevators and progressive taxation), merged in 1956.

Conrad, the chairman of the Senate Budget Committee, showed a little of his NPL side when he floated the very good idea of using a surtax on millionaires as a way to bring down budget deficits.

Few scholars of North Dakota politics would confuse the senator with the NPL activists of old. Conrad’s actually a budget hawk. But he reached into the NPL cabinet and found a good idea for balancing budgets and addressing deficits: taxing the rich.

Conrad reportedly considered a 3 percent surtax on the wealthy as part of an effort to gain the support of Vermont independent Bernie Sanders, who serves on the committee and has argued that at least half of any deficit-reduction plan must be paid for with new revenue—as opposed to deep cuts to needed domestic programs.

Unfortunately, Conrad’s idea did not get very far with his fellow Democrats—let alone the crash-and-burn Republicans of the current Senate.

Nor was it particularly popular at the White House, where President Obama recently met, according to published reports, with “potential backers from Wall Street banks…”

So it was that the Washington-insider newspaper The Hill featured a headline late Friday that announced: “Senate Dems drop surtax on millionaires from draft budget.”

Like this blog post? Read it on The Nation’s free iPhone App, NationNow.

Support independent journalism that does not fall in line

Even before February 28, the reasons for Donald Trump’s imploding approval rating were abundantly clear: untrammeled corruption and personal enrichment to the tune of billions of dollars during an affordability crisis, a foreign policy guided only by his own derelict sense of morality, and the deployment of a murderous campaign of occupation, detention, and deportation on American streets. 

Now an undeclared, unauthorized, unpopular, and unconstitutional war of aggression against Iran has spread like wildfire through the region and into Europe. A new “forever war”—with an ever-increasing likelihood of American troops on the ground—may very well be upon us.  

As we’ve seen over and over, this administration uses lies, misdirection, and attempts to flood the zone to justify its abuses of power at home and abroad. Just as Trump, Marco Rubio, and Pete Hegseth offer erratic and contradictory rationales for the attacks on Iran, the administration is also spreading the lie that the upcoming midterm elections are under threat from noncitizens on voter rolls. When these lies go unchecked, they become the basis for further authoritarian encroachment and war. 

In these dark times, independent journalism is uniquely able to uncover the falsehoods that threaten our republic—and civilians around the world—and shine a bright light on the truth. 

The Nation’s experienced team of writers, editors, and fact-checkers understands the scale of what we’re up against and the urgency with which we have to act. That’s why we’re publishing critical reporting and analysis of the war on Iran, ICE violence at home, new forms of voter suppression emerging in the courts, and much more. 

But this journalism is possible only with your support.

This March, The Nation needs to raise $50,000 to ensure that we have the resources for reporting and analysis that sets the record straight and empowers people of conscience to organize. Will you donate today?

Ad Policy
x