In the House, eight Democrats last week proposed the Paying a Fair Share Act, which would require incomes above $2 million to be taxed at a minimum of 30 percent. That higher tax would start phasing in for incomes above $1 million, and the sponsor of the bill, Rep. David Cicilline (D-R.I.), said this change is estimated to add $53.6 billion in federal tax revenues over the next decade.
Cicilline's bill is co-sponsored by Reps. Matt Cartwright (D-Pa.), Keith Ellison (D-Minn.), Jim Langevin (D-R.I.), Rick LarsenRick LarsenUS wins aerospace subsidies trade case over the EU Business groups, lawmakers back trade case against China Dems urge treaty ratification after South China Sea ruling MORE (D-Wash.), Barbara Lee (D-Calif.), Mark PocanMark PocanGaza’s plight matters to the world House Dems urge enforcement of Colombia trade deal Teachers union: Trump's comments encourage school bullies MORE (D-Wis.) and Jan Schakowsky (D-Ill.).
The bill is the House version of legislation introduced by Sen. Sheldon WhitehouseSheldon WhitehouseOvernight Energy: SEC begins probing Exxon Senate Dems unveil new public option push for ObamaCare Emails: Powell talked Clinton health concerns with Dem mega-donor MORE (D-R.I.). Whitehouse's bill is a part of the Senate Democratic proposal to avoid the sequester, which the Senate will try to pass next week.
The Democratic bills come just as House Republicans appear to be willing to allow the $85 billion in sequester cuts take place on March 1. GOP leaders in the House have said they would only consider legislation to avoid the sequester that is passed by the Senate.
But with the Senate out this week, the upper chamber will have just four days to move legislation when it returns next week. And even if the Senate can pass a bill, it's not clear that the GOP-led House will have any interest in passing a bill that relies on new tax increases to offset the pending cuts.