Senate Minority Leader Mitch McConnell says the bill is unconstitutional -- and, on its face, he appears to be right. Article I, section 7 of the U.S. Constitution requires: "All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills." The House is scheduled to vote on its own tax bill next week, but the Republican-controlled House is likely to pass an across-the-board extension of existing tax rates, and compromise between the two chambers appears unlikely.
If no uniform bill passes and is signed into law, rates will revert to the pre-Bush tax cut rates -- which will mean big tax increases for everyone. The lowest earners, who make less than $34,550, would see their rates increase from 10 percent to 15 percent, but that 5 percent increase would hit everyone on their first $34, 550 of income. The same would apply as each of the marginal rates bumped up from 25 percent to 28 percent, from 28 percent to 31 percent, from 33 percent to 36 percent, and from the current top rate of 35 percent to 39.6 percent.
So it's not just "the rich" who will suffer if Congress doesn't act. And these increases don't even count other expiring provisions that would reinstate the marriage penalty, increase taxes on capital gains and dividends and other soon-to- expire reductions in payroll taxes, which affect low-income workers hardest.
Nonetheless, the Democrats seem to see it to their advantage to promote class envy, accusing the Republicans of only caring about the rich. Virtually no economists believe that passing a tax increase in a struggling economy is a good idea -- but somehow President Obama and Congressional Democrats believe they can limit the damage by supposedly only taxing those who can "afford" it.
Linda Chavez is chairman of the Center for Equal Opportunity and author of Betrayal: How Union Bosses Shake Down Their Members and Corrupt American Politics .
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