Republicans have argued that raising taxes on the country’s top earners would stifle economic growth, while Democrats have lined up against the balanced budget amendment because they say it could wipe out social programs during hard economic times and cede Congress’s budget authority to the courts.
Democrats have seized on the millionaires tax in the midst of recent Congressional battles, such as the fight to extend the payroll tax cut last December, as surveys indicate public support for a tax on the wealthiest.
President Obama proposed a 30 percent minimum rate on the country’s highest earners at his State of the Union address in late January.
“You can call this class warfare all you want,” Obama said. “But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”