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October 9, 2011 6:26 PM EDT
A U.S. Senate bill that would increase the income tax on adults with adjusted gross incomes of over $1 million a year has created a deep division among members on both sides of the aisle, despite a majority of public support from American voters.
United States Sen. Harry Reid, D-Nev., has introduced a bill that would increase the tax on American adults making more than $1 million a year by 5 percent in 2012, and then raise that level to 5.6 percent in 2013.
The Congressional Budget Office, in its revenue estimate of the Reid bill, said it would raise $453 billion, or enough money to pay for President Barack Obama's $447 billion jobs bill; in fact, it would decrease the deficit by about $6 billion over the 2012-2021 period. The Obama jobs plan includes additional funding for teachers, police, firefighters and infrastructure projects across the nation.
"With 14 million people out of work in America, there are far too many people living in the richest nation in the world yet unable to enjoy the full freedom and independence for which America stands," Reid told the Senate when he introduced his surtax, CSPAN reported.
Senate Vote Expected Tuesday
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The Senate is expected to vote on Reid's Bill on Tuesday. Veteran Democratic Senators Charles Schumer, D-N.Y., and Dick Durbin, D-Ill., have pledged their support for Reid's bill.
Senate Republicans, however, have strongly opposed it and said there is no way it will get the 60 votes needed for passing.
Senate Minority Leader Mitch McConnell, R-Ky., argued that increasing taxes on any American would devastate the U.S. economy and chastised the Democrats for playing politics at a time when 9.1 percent of Americans are unemployed.
"I understand our Democrat friends want to jettison entire parts of the bill altogether -- not to make it more effective at growing jobs, not to grow bipartisan support," McConnell told the Associated Press.
McConnell is backed by many of his party colleagues including Sen. Orrin Hatch, R-Utah, who called on Democrats to vote no.
"Given the weak state of our economy, they'd be wise to reject it," he told The Associated Press.
The Republicans in the House have also said they would vote against any bill that would raise taxes.
Schumer: How Can GOP Defend Not Taxing the Wealthiest 1 Percent of America?
Schumer blasted the Republican Party and urged them to explain their reasons for their opposition to a plan that he said would pay for thousands of jobs and improve the quality of life for millions of Americans.
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