Colorado Sen. Udall passes legislation ending unemployment benefits for millionaires
March 16, 2014
U.S. Sens. Mark Udall, D-Colo., and Tom Coburn, R-Okla., applauded the long-overdue vote last week to end unemployment payments to millionaires.
The extension of unemployment benefits that the U.S. Senate passed included Udall and Coburn's bipartisan proposal to end wasteful unemployment payments to millionaires who need it least, an Udall office news release stated. According to the Internal Revenue Service, millionaires claimed $90.6 million in unemployment benefits between 2009 and 2011.
"As Colorado and our nation recover from the recent recession, we need to have a serious discussion about reducing the federal budget deficit," said Udall in the release. "Ending wasteful and unnecessary subsidies for the wealthiest among us is a bipartisan idea I have been proud to champion.
"I am glad my colleagues supported this common-sense and cost-cutting reform."
According to the Internal Revenue Service, millionaires claimed $90.6 million in unemployment benefits between 2009 and 2011.
Under Udall and Coburn's proposal, individuals who made $1 million or more in adjusted gross income would be unable to claim unemployment benefits. This provision would go into effect immediately upon being signed into law by President Barack Obama.
Udall and Coburn have been vocal advocates for fiscal responsibility and reducing the federal budget deficit, the release stated. The bipartisan duo recently introduced a plan to end duplicative and wasteful federal programs.
Udall and Coburn also have worked to pass a line-item veto authority to reduce wasteful spending and to end wasteful subsidies and earmarks.