Senate Dems Unveil $110 Billion Sequester-Replacement Package
February 14, 2013
Senate Democratic leaders unveiled a $110 billion sequester-replacement bill at a closed-door caucus meeting Thursday that would replace $85 billion in automatic spending cuts set to hit March 1.
The Senate Democratic package is split evenly between spending cuts and provisions raising new tax revenues, according to a Democratic source.
It would raise nearly $54 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenues by changing the tax treatment of oil extraction from oil sands.
This version of the Buffett Rule would phase in a 30-percent effective rate for incomes between $1 million and $2 million.