Kelly Proposes Tax Hikes on High Earners to Curb Cost of Living
Sen. Mark Kelly outlines plan to lower costs for Americans by taxing high earners and cutting taxes for middle-class families.
2 min read
Democratic Sen. Mark Kelly has proposed a plan to address the cost of living crisis, suggesting that raising taxes on high-income earners could help lower costs for average Americans. During an appearance on CBS’s Face the Nation, Kelly was pressed by host Margaret Brennan to detail his party’s strategy for tackling inflation and rising prices.
“Well, we’re going to lower costs for the American people,” Kelly said. He pointed to legislation he introduced with Democratic Sen. Chris Van Hollen as part of the effort to combat the economic challenges facing families.
“We’ve got to win the House and, or the Senate. Well- well, how will we do this? I have legislation with Chris Van Hollen. We’ve got to get Republicans on board,” Kelly explained. The plan, known as the Working Americans’ Tax Cut Act, would raise taxes for individuals earning over $1 million a year and provide tax cuts for those making up to about $160,000 annually.
Mark Kelly on Face the Nation today, asked how Democrats would lower costs:
The legislation, introduced in March by Kelly, Van Hollen, and other congressional Democrats, aims to eliminate federal income taxes for individuals earning below $46,000 and provide additional tax reductions for those making up to $80,500. Married couples and heads of household would have higher thresholds for these benefits.
“It raises taxes for people who make over a million dollars a year in income, and it provides tax cuts for people, individuals, and even couples who make up to about $160,000 a year, that’s some relief,” Kelly said. The tax cuts would be funded by a new tiered surtax on high earners, starting with an additional five percent on income above $1 million for individuals and $1.5 million for married couples. The highest tier would impose an additional 12 percent tax on income above $5 million for individuals.
Kelly also blamed the war in Iran and Trump’s tariff policies for contributing to the rise in prices. “Getting this tariff policy reversed, these ridiculous tariffs that have also jacked up prices,” he said. “The American people pay this.” He emphasized that many actions, including tax reforms, will be possible once the Democrats regain control of the House and/or Senate.
Source: The Gateway Pundit
