Susan Collins Sole GOP Senator to Support Proposed Surtax on Wealthy; Measure Fails

Posted on December 2, 2011. Filed under: Uncategorized | Tags: , , |

Via Bangor Daily News:

She (Collins) was the only Republican to vote for the measure, which sought to levy a 3.5 percent surtax on incomes over $1 million to cover the costs of the payroll tax cuts, which supporters said would help the middle class.

The measure, backed by Senate Majority Leader Harry Reid, fell short of the votes needed to move ahead to further debate.

“Congress should not be imposing higher taxes on hard-working families at a time when our nation’s economy remains fragile,” Collins said after Thursday night’s 51-49 Senate vote on the Reid plan. “However, it’s equally important that we not impose additional taxes on job creators who are so critical to our economic recovery.”

Collins has said she has been looking at separating out small business owners that file taxes as S-corporations from individuals who make more than $1 million a year.

Olympia Snowe justified her vote with the following statement.

“I do not want to see the existing payroll tax holiday end, and I could support a one-year extension if it is paid for sufficiently, fairly, and in a way that will not damage our economy,” Snowe said in a statement. “A permanent tax increase that will harm small businesses is the wrong prescription for our economy, and it won’t promote economic growth.”

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