The United States Senate will consider S. 2432 this week, the Bank on Students Emergency Loan Refinancing Act. The bill is a massive tax hike, meant to fuel more government spending and greater federal intrusion into higher education lending practices.
S. 2432 amounts to a permanent $73 billion tax hike over the next decade on American job creators. The bill phases in a minimum effective tax rate of 30 percent on earners making over $1 million. According to the Treasury Department, the vast majority of these earners are business owners.
The tax code is already steeply progressive. Continuing to attack business owners who pay their taxes through the individual side of the code further discourages capital investment and hiring.
The Senate has already rejected this so-called “Buffett Tax” on eight separate occasions; it remains a poison pill for the American economy and a measure that will continue to impede the recovery.
Lawmakers seriously concerned with the challenges facing the American middle-class should reject anti-growth measures that restrict opportunity for employers and workers. Americans for Tax Reform strongly urges all Senators to oppose S. 2432, the Bank on Students Emergency Loan Refinancing Act.