Compromise Payroll Tax Bill Paid For in Part by Udall’s Legislation To End Unemployment Benefits for Millionaires
As the Senate gears up to vote tomorrow on the proposed extension of the payroll tax cut, Mark Udall announced that part of the bill will include his bipartisan bill to keep millionaires from receiving unemployment benefits. Udall’s legislation, introduced with Sen. Tom Coburn (R-OK), would ensure that unemployment benefits are used as a social safety net for people who lose their jobs and need temporary assistance while looking for employment – as was originally intended – not as extra cushion for the financially well off. The compromise bill is intended to stop a tax hike from hitting middle-income families next year.
“This week my colleagues have another chance to ensure working families get a tax cut next year. Giving millionaires unemployment benefits and food stamps doesn’t make fiscal sense, especially when it’s on the backs of others who have been hit harder,” Udall said. “Ending unemployment payments to millionaires is a good bipartisan idea that will help pay for much-needed help for middle-income families across the country, which economists agree goes a long way toward fueling the recovery in local economies.”
Udall has fought over the past year to include his provision in various measures to cut our nation’s deficit. After pushing his bill through the Senate in April, Udall wrote to the President in July asking him to include the language in the debt deal between Obama and congressional leaders. A deal to lower our national debt did not materialize from those discussions, but Udall continues to offer his proposal as a common-sense way to rein in the national debt without overburdening the middle class. Last week, Udall also vocally backed expanding the payroll tax cut to lower the burden on middle-class families and small businesses so they would have more free cash to spur their local economies.
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