Skip to comments.Multi-Millionaire Harry Reid Seeks To Replace Buffett Tax Proposal With 5% Millionaire Surtax
Posted on 10/05/2011 11:48:11 AM PDT by SeekAndFind
Confirming that one has to be a billionaire or at least a multi-millionaire to be an applicant for the Tax Czar position under the Teleprompted Wealth Readjuster, is the latest sheer class warfare idiocy out of tax expert du jour Harry Reid, who has proposed an overhaul of the Obama tax bill with one in which millionaires end up paying a 5% surtax.
National Journal reports: "Senate Democrats will replace tax increases proposed by President Obama to pay for his $445 billion jobs bill with a more politically popular tax increase on millionaires, Senate Majority Leader Harry Reid, D-Nev., said on Wednesday.
When Democrats bring this common-sense jobs legislation to the floor, well ask Americans who make more than a million dollars a year to contribute a little more, Reid said in a morning floor speech. He said he hopes to set up a vote on the revamped jobs bill "within the next few days."
That means he will seek action after the Senate passes a China currency bill and before Senate action on three free trade bills. Reid and Democratic aides have said they planned to alter the pay-fors proposed by Obama to win support of Democrats wary of the tax increases. Reid and other Democrats noted that raising taxes on millionaires polls well, even among GOP voters."
Why yes, Harry, please go ahead and create some more class hatred. You should even bring your agenda down to Wall Street and threaten to occupy Wall Street if your demands are not met. But before you do, please make sure you create a poster which highlights not only how much money you have raised from corporate interests during your career, but specifically how much has come from the "Securities and Interest" industry. We are sure you will fit right in with your sincere populist demands.
Robert Johnson (left), business magnate and founder of Black Entertainment Television (BET), has joined the mounting list of CEOs and business leaders who are questioning President Obamas incessant demagoguing of Americas wealthy. On “Fox News Sunday,” Johnson suggested that the President “recalibrate his message,” so as not to “demean” or “attack” the achievements of so many hardworking Americans. “Ive earned my right to fly private if I choose to do so,” he declared, “and by attacking me, [Obama] is not going to convince me that I should take a bigger hit because I happen to be wealthy.”
Although Johnson did not directly address President Obamas “Buffett Rule” (a proposal that would allow millionaires to pay a lesser share of their income in taxes than middle-income earners pay, such as Warren Buffett’s secretary), he grimaced at the notion of raising taxes on the wealthy, as he described how he joined the business world to “create jobs and opportunity [and] create value for myself and my investors.” Raising taxes and alienating Americas job producers would only suppress such ambition, he implied.
Another wealthy businessman and previous Obama supporter, former AOL executive Ted Leonsis, attacked the Presidents new tax proposal in a Sept. 25 blog, titled, “Class Warfare Yuck!” “Economic success has somehow become the new boogie man,” Leonsis writes, adding that “some in the Democratic Party are now casting about for enemies, and business leaders and anyone who has achieved success in terms of rank or fiscal success are being cast as a bad guy in a black hat.”
During an interview last week with CBS News, the BET founder took a broader tone with the federal government, arguing that the political process is too polarized, and thus has taken a toll on the economy. “Ive been in business for over 30 years [and] Ive never seen a time when theres been more zero-sum game mentality in the United States among political parties,” he told CBSs Scott Pelley during the interview.
Johnson expounded the idea that from a business standpoint, if one saw two parties arguing so relentlessly, one would not want to conduct business with either of them, but would find other parties with which to work. “And you know what you find, the Chinese who want to do business. You find the Vietnamese who want to do business. You find the Brazilians. You find the Indians want to do business with you.”
Why not a 90% tax on government union pensions over 20k a year?
Yeah, the root problem of our economic woes is that Washington doesnt have enough of our money to spend and play with. /sarcasm
So if I’m making a million a year**, I just pick up the phone and instruct my CPA to immediately shift my investments to deliver cap gains that I don’t need to realize as income until this idiocy blows over.
** ...if only!
Why not limit campaign contributions to individuals? That 5% surtax would then have its consequences.
the “Buffet tax” instead becomes “the Reid tax”
Don’t forget Nancy Pelosi. As of last year, she and her husband were worth $60M +. But since she’s a Liberal, that’s ok.
They say whatever you tax you get less of. I propose adding a new tax on all government employees. Call it the American Shared Sacrifice Patriot Act.
“Worth” and “made” are two very different things....
Lets hope they don’t get bold enough to demand a wealth tax...
So a guy who used to own a small business and who retired with a million dollars in the bank would have to pay $50,000 in additional taxes, despite the fact that he currently has income of under $100,000 per year? THAT'S WHAT A TAX ON MILLIONAIRES IS. What Reid is proposing is a tax on people who earn more than a million dollars per year.
I am completely against the surtax. But, for crying out loud, "journalists" on both the left and the right, as well as politicians of all stripes, consistently miscategorize these prospective taxes.
There is such an animal as a wealth tax. Florida had it, up until a few years ago. You had to pay a percentage of your net worth to the government every year, even if your income was small. Such a tax would certainly guarantee that Warren Buffet would pay more than his secretary in taxes. (I am not advocating it--just explaining it.)
In summary: a millionaire is someone who has accumulated net assets of a million dollars or more. Such a person may or may not earn a million dollars a year. Reid and Obama are proposing taxes on earnings in excess of a million dollars, not on wealth in excess of a million dollars. If they don't understand the difference, we are in even worse trouble than we thought.
There is nothing more stupid than repeating a previous stupid idea.
Senate Majority Leader Harry Reid: as crooked as a barrel of snakes.
I am sure dingy Harry will exempt himself