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.

Hold the powerful to account by supporting The Nation

The chaos and cruelty of the Trump administration reaches new lows each week.

Trump’s catastrophic “Liberation Day” has wreaked havoc on the world economy and set up yet another constitutional crisis at home. Plainclothes officers continue to abduct university students off the streets. So-called “enemy aliens” are flown abroad to a mega prison against the orders of the courts. And Signalgate promises to be the first of many incompetence scandals that expose the brutal violence at the core of the American empire.

At a time when elite universities, powerful law firms, and influential media outlets are capitulating to Trump’s intimidation, The Nation is more determined than ever before to hold the powerful to account.

In just the last month, we’ve published reporting on how Trump outsources his mass deportation agenda to other countries, exposed the administration’s appeal to obscure laws to carry out its repressive agenda, and amplified the voices of brave student activists targeted by universities.

We also continue to tell the stories of those who fight back against Trump and Musk, whether on the streets in growing protest movements, in town halls across the country, or in critical state elections—like Wisconsin’s recent state Supreme Court race—that provide a model for resisting Trumpism and prove that Musk can’t buy our democracy.

This is the journalism that matters in 2025. But we can’t do this without you. As a reader-supported publication, we rely on the support of generous donors. Please, help make our essential independent journalism possible with a donation today.

In solidarity,

The Editors

The Nation

Ad Policy
x