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.
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.