Sacrifice and Responsibility Act

H.R. 3053, the Sacrifice and Responsibility Act, proposes to increase federal revenue by restoring the top two individual income tax rates to 36% and 39.6% and repealing certain tax breaks on investment dividends. The bill directs the funds generated from these tax changes to be used as emergency appropriations for military operations in Iraq and the global war on terrorism, as well as for reconstruction efforts in Iraq and Afghanistan. For the average citizen, this legislation would primarily impact high-income earners by increasing their tax liability to specifically offset the costs of ongoing international military and rebuilding commitments.