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Washington, D.C.—Nevada Senator Harry Reid issued the following statement after Senate Republicans blocked the Paying a Fair Share Act, which would have required taxpayers earning over $1 million a year to pay a 30 percent tax rate.
“Today Senate Republicans again put millionaires ahead of the middle class. Currently, most hedge fund managers pay a lower tax rate than many of their middle-class employees – but while the incomes for the wealthy have ballooned in recent years, middle-class wages haven’t kept pace with the price of a college education or a secure retirement. The measure that Republicans blocked today would have restored fairness to our tax code and reduced the deficit without asking middle class families or seniors to sacrifice any more than they already have.
“Unfortunately, my Republican colleagues would rather end Medicare as we know it than build a stronger middle class or ask millionaires to contribute an extra penny. Democrats will not stop fighting to restore fairness to our tax code, and I hope that in the future, my Republican colleagues will think of the teacher and the mechanic before the wealthiest Americans.”