Description: H.Amdt. 74 — 111th Congress (2009-2010)All Information (Except Text)

Amendment in the nature of a substitute No. 3 printed in House Report 111-73 and offered as the Congressional Black Caucus Budget Substitute.


An amendment in the nature of a substitute numbered 3 printed in House Report 111-73 to build upon the historic investments made by the President's budget and the Majority's budget. However, the budget builds on these investments by immediately repealing the 2001 and 2003 Bush-era tax cuts that benefit the wealthiest Americans. The budget also adds an extremely modest 0.565% surtax on adjustable gross income exceeding $500,000 for individuals ($1 million for joint filers). The budget shifts those savings and additional revenue towards Education, Health Care, Job Training, International Aid, Justice, Transportation, and Veterans, while still producing a five year deficit that is $67 billion smaller than the Majority's budget.

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