Skip to comments.Republicans Accuse Obama of Waging 'Class Warfare' With Millionaire Tax Plan
Posted on 09/18/2011 1:45:21 PM PDT by Son House
"Class warfare ... may make for really good politics, but it makes for rotten economics," Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, told "Fox News Sunday."
The president is planning on proposing the new and higher rate as part of a broader long-term deficit-reduction plan he's unveiling Monday. It will likely include a mix of entitlement reform and new revenue, and will be aimed at the bipartisan "super committee" trying to find about $1.5 trillion in deficit reduction over the next decade.
Ryan said the millionaire tax provision will undermine economic growth.
"If you tax something more, you get less of it," Ryan said. "If you tax job creators more, you get less job creation. If you tax their investment more, you get less investment."
Senate Republican Leader Mitch McConnell, speaking on NBC's "Meet the Press," also expressed concern that the increase would stifle the economy.
On CNN's "State of the Union," Sen. Lindsey Graham, R-S.C., said the selective tax hike is "class warfare," suggesting instead that lawmakers look to eliminate deductions and loopholes.
The idea behind the Obama proposal is to make sure those making more than $1 million a year pay at least the same rate as middle-income taxpayers -- Obama will call it the "Buffett Rule," after billionaire Warren Buffett who complained that the wealthy are sometimes effectively taxed at a lower rate than others. That's because investment income is taxed at a lower rate than ordinary income.
The measure would be in addition to $447 billion in new tax revenue the president is proposing in order to pay for a new set of jobs proposals.
Plus he said taxing investment income more amounts to a "double tax," since the money would have been taxed as income before being hit by the investment tax.
(Excerpt) Read more at foxnews.com ...
Trying to care...... Nope. It didn’t happen.
I agree with you, no one should have to pay a higher
amount of taxes,(but no one should pay a lesser amount.)
It should be a set percentage period.
It should be equal.
Obama and buffet dont even pay the Bush rates!
He wants to use the un collectible income to buy more votes.
The middle class has to cover the un collectible rich tax gap in revenues.
Buffet owes taxes from each year beginning in 2002.
When he pays he only pays 17%.
The gap in revenue is made up by those of us that dont have the ability to defer,delay hide , or have teams of tax lawyers.
Government SPENDS too much...
Ronald W. Reagan, PRESIDENT of the United States...1981-1989
“The B. Hussein Obama doll. Wind it up and it says: “The rich need to pay their fair share. The rich need to pay their fair share. The rich need to pay their fair share. The rich need to pay their fair share.” over and over and over!”
Are you sure that’s all the Obama doll says? I thought if you pulled the string a second time the doll says: “Pass the bill now. Pass the bill now. Pass the bill now. Pass the bill now Pass the bill now. Pass the bill now. Pass the bill now.”
(BTW, I heard a new version of the Obama doll is coming out soon: The Barracksy Wetsy Doll. It gets all wee-wee-d up when you pull the string and really wets itself like a real Democrat too!)
Heck, I'd be happy if they evened it up in two steps: First, stop giving "refunds" to those who pay no taxes. Then go ahead and start an equal percentage program.
I must’ve gotten a defective doll ... when I wind it up all it says is: “Pass my bill. Pass my Bill. Pass my bill.” Still drives me crazy, though!
If you love me you gotta help pass this bill!
LMAO! Yes, I forgot about that! Now he is in demand mode. “Pass my bill NOW!”
Yes B. Hussien, pass your bill or what? Will we face beheadings?
How do you like last week he said he wished he could do away with Congress? That all his demands could be instantly met?
I tell you, the founding pops were absolute geniuses when it came to preventing this stuff weren’t they? What they came up with perfectly prevents assholes like this douchebag from going absolute. It’s a beautiful filter isn’t it? He wants to play Castro, but like Alex Trebek would say “Oooh nooo sooorrry”
Well, once we tax all these mean rich people, and get more of their money, then what?
Let’s ask Greece.
It will also increase the unemployment rate, as if 9.1% wasn’t enough unemployed, where are any fiscal conservative from the Democrat party? They are going to regret not speaking up against these unstable economic ideas.
Just corrected the headline a little there.