Crawford Proposes Deficit Plan that includes Balanced Budget Amendment and Millionaires Tax
Crawford’s bill would require passage of a Balanced Budget Amendment in exchange for a surtax on income exceeding $1 million
Congressman Rick Crawford today introduced The Shared Responsibility in Preserving America’s Future Act, which would require passage of a balanced budget amendment by the Congress in exchange for a 5 percent surtax on individual income exceeding $1 million annually.
“The era of yearly trillion-dollar deficits is unsustainable,” said Crawford. “Extreme partisan politics has kept Republicans and Democrats from addressing this problem. If we are going to take financial calamity off the table both parties will need to come together. Republicans have long championed a balanced budget amendment to force the federal government to live within its means. Democrats have pushed for new taxes on millionaires to address our debt. This reasonable approach can be the beginning of a new era in Washington where Congress puts the needs of the country first and stops burdening future generations of Americans with immense debt.”
During the 112th Congress, Democrats have attempted to pass a surtax on millionaires to address our nation’s looming debt. Meanwhile, Republicans have been unable to pass a balanced budget amendment due to opposition from Democrats. The Shared Responsibility in Preserving America’s Future Act is a reasonable compromise both parties should embrace.
Crawford noted, “Most all major accomplishments in Washington happen when both parties work together, and this often means each side accepts something they don’t necessarily like. I hope Republicans consider passing a balanced budget amendment important enough to allow asking millionaires to pay a little more on their income over $1 million, and I hope Democrats will recognize this good-faith effort and stop blocking a balanced budget amendment that will fundamentally alter the way Washington spends taxpayer dollars.”