House Approves Tax on Rich to Aid GI’s

WASHINGTON -- Congressional Democrats on Thursday approved an expansive new veterans education benefit that would be paid for by a tax on affluent Americans, The New York Times reported.

Some Republicans joined Democrats in approving the aid, for veterans who enlisted after the Sept. 11 attacks, with a cost estimated at $52 billion over 10 years, the paper reported.

Individuals earning $500,000 or more would pay a surtax of 0.47 percent on income above $500,000 and the tax would apply to couples on incomes above $1 million, the paper reported.

Leading Republicans said a tax was a tax, accusing Democrats of pushing policy that could harm the economy in a downturn, particularly those small-business operators whose earnings are taxed as regular income, the paper reported.

-- NYSSCPA.org News Staff

Posted on 5/16/08