Definition of Millionaire Surtax

What is the Millionaire Surtax? What is the definition of the term millionaire surtax?

The millionaire surtax was first proposed by Democrats in October of 2011 to help pay for President Obama's $450 billion jobs bill.

The millionaire surtax, in its original form, would see anybody making over $1 million in the United States pay an additional 5.6% in income tax on all income over $1 million per year.

Millionaire Surtax - Definition and IllustrationThe millionaire surtax is an extension of the "Buffett Rule", which claims that millionaires should pay the same tax rate as those who are earning significantly less.

Democrats have argued that the millionaire surtax is necessary to offset the costs of President Obama's jobs bill.

Republicans have argued that the millionaire surtax is another tax on "job creators" and is completely unacceptable. Many Republicans have already drawn their lines in the sand - absolutely no tax increases on "job creators" (or elimination of tax deductions, for that matter).

The proposed millionaire surtax is likely more political posturing than anything else, as there is only a very slim chance that it would ever see the light of day.

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