Tester Introduces the Ending Unemployment Payments to Millionaires Act

Senator Jon Tester (D-MT) introduced the Ending Unemployment Payments to Millionaires Act today, according to a press release from his office.

The bill would “stop federal unemployment payments to Americans who earn at least $1 million per year.” It’s estimated to save around $100 million.

“Especially during tough economic times, hardworking taxpayers shouldn’t be asked to write unemployment checks for folks fortunate enough to have seven-figure trust funds or real-estate investments,” Tester said in the release.

Some background:

In 2008, nearly 3,000 households that reported income of $1 million or more on their tax returns were paid a total of $18.6 million in unemployment benefits, according to the IRS.  More than 800 households earning over $2 million and 17 households with incomes exceeding $10 million received federal benefits.

Senators Tom Coburn (R-OK) and Mark Udall (D-CO) are also lead authors. Bill text linked here.

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6 Comments

Filed under Unemployment

6 responses to “Tester Introduces the Ending Unemployment Payments to Millionaires Act

  1. smallwonderrobot

    a million? that’s the limit? so if you made $950,000, it’s ok? f that. make the limit something like $150,000. unemployment should only be helping the lower and middle classes. more than $150K and you’re doing ok.

  2. Brian

    way to go Jon! but i agree, we could drop that income limit a bunch…

  3. Senate jr.

    If the republicans are serious about cutting the deficit this is a big deficit cut. Why does the rich oil companies need tax breaks when middle class americans cannot afford a vacation because gas is too high . The republicans would rather make cuts to social security rather than take from the wealthy and rich. people on social security haven’t had a raise for two years why haven’t the senators mentioned that in their discussions. Have any senators mentioned that they themselves should not receive a pay check for six months or a year, they are grossly over paid for doing very little.

  4. Great bill! There is no reason why more of the taxpayer’s money should go to support people who are wealthy. The enormous gap in the income is causing tremendous suffering and is wrecking our economy.

  5. People who make a $1M a year get severance packages —
    Unemployment is intended to help people with subsistence not luxury –
    If you made $1M and saved nothing, your “bad” not mine!
    The limit should be somewhere below the $250K threshold of “middle class”

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