It’s also a terrible idea that the vast majority of House Democrats have endorsed. My column at Bloomberg Opinion argues that the bill doesn’t make sense even on progressive terms. An excerpt:
Congress hasn’t enacted any increases in income taxes or payroll taxes for middle-class Americans since 1990. [Rep. John] Larson’s bill would raise the payroll tax rate for all workers. The highest earners would, however, face the biggest tax increases. The payroll tax, which currently applies to just the first $132,000 in wages, would be imposed on wages above $400,000 as well, and eventually on all wages. The result would be one of the highest top rates in the developed world.