Senate Democratic leaders are proposing a 5.6% surtax on annual incomes beyond $1 million as a way to pay for President Obama's "jobs plan."
CNN is now reporting that at a press conference later today, President Obama will endorse the 5.6% millionaire tax, which would go above and beyond allowing the Bush tax cuts to expire — potentially raising the top marginal tax bracket to 44.6 percent.
Naturally, the President and Senate leaders will not be found discussing the jobs lost as a result of the money that is taxed away, and thus not available for tax payers to invest or spend.
First off, like everyone in the media, you are leaving off Obama care taxes which come into effect in 2012. They will add another possible 4pts to your top tax rate, bringing it to almost 50%.
ReplyDeleteI love the logic of the class warfare dems. They want to pass a jobs bill that is full of one time tax cuts for job creators and then they propose to pay for it with permanent tax increases on job creators. If higher taxes don't impede job creation, then why include tax cuts in your jobs bill? Why not save the money?
If something like this did actually go through, it would be good for states with no income taxes as people in states like CA, NJ, IL, NY would be pushed over the 50% mark. You can also bet that massive tax fraud will come back into vogue as it was before the 80s.
They should call this the "rent seekers jobs bill" as the only jobs the bill is assured of creating are government jobs. The last thing I want to do is hire more cops, fire fighters or teachers. The cops and firefighters are out of control compensation and benefit wise and are making local government unaffordable. Many retire at age 49 with a pension worth millions. Local government's are finally addressing this issue and ratcheting back compensation and benefits in an effort to make these services affordable once again. This bill will delay that effort and setup local government for a massive problem down the road. As nice as it may seem to some to make people millionaires with taxpayer money, it is not sustainable and grossly unfair to the average taxpayer.
As for hiring more teachers into an excessively expensive education system that produces marginal results is insane. Fix the system before you expand it.
ditto Franks comment
ReplyDeleteObama,
ReplyDelete"Won’t Raise taxes on those making less than 250,000 per year."
These psychopaths perform because it sells to the unconscious, to the ignorant. If the con ain't broke don't fix it.
Frantically beating on the bulletproof glass cockpit door, several "living" suffer the impotency of the deafening Cockpit Stall Warning System. We see them, asphyxiated from the spoils of crime while passengers obliviously upright their seats and tray tables.
Where's Scotty?
Frank G. This is the system. It won't be fixed.
ReplyDeletehttp://www.economist.com/node/21531014
That should raise $1B...Where is the violent socialist parasite going to get the other $400B?
ReplyDelete