Democrats’ proposed millionaires surtax would raise revenues by $453 billion over the next 10 years, most of which would be used to pay for President Obama’s jobs bill, according to a new report from the Congressional Budget Office.
The assessment, released today, found that the 5.6% tax would start raising revenues by $28 billion in 2013, going up to $68.5 billion in 2021. All but $6 billion of that would be spent on new spending initiatives and payroll tax breaks aimed to boost the economy and improve hiring.
The report is good news for Democrats, who promised the tax would pay for the jobs bill.
The CBO estimates are below. Click here for the full-size table.
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