Harry Reid filed a cloture motion on Senate bill 1323, a “Sense of the Senate” bill on “Shared Sacrifice.” The bill seeks to further the progressive income tax brackets of upper earners to a higher percentage. Section 1 of the bill is as follows:
SECTION 1. SENSE OF THE SENATE ON SHARED SACRIFICE.
(a) Findings- Congress makes the following findings:
(1) The Wall Street Journal reports that median pay for chief financial officers of S&P 500 companies increased 19 percent to $2,900,000 last year.
(2) Over the past 10 years, the median family income has declined by more than $2,500.
(3) Twenty percent of all income earned in the United States is earned by the top 1 percent of individuals.
(4) Over the past quarter century, four-fifths of the income gains accrued to the top 1 percent of individuals.
(b) Sense of the Senate – It is the sense of the Senate that any agreement to reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort.