Republicans in both chambers of Congress are discussing proposals that would target the wealthy. Legislation introduced by Oklahoma Senator Tom Coburn and Oklahoma Representative James Lankford would deny unemployment insurance benefits to millionaires. Utah Representative Jason Chaffetz wants to introduce a bill that would implement a new means test for receiving Social Security benefits, which would reduce benefits for wealthy seniors. GOP supercommittee members are also reported to be offering to limit tax decuctions claimed by individuals in upper-income tax brackets.
See Marin Cogan and Manu Raju, "GOP: 'Ridiculous' Benefits for Rich Could Go," POLITICO, Nov. 9, 2011.
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal
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