Skip to comments.Reid: ‘Even the tea party’ supports 5 percent tax increase on millionaires
Posted on 10/05/2011 12:10:45 PM PDT by Libloather
Reid: Even the tea party supports 5 percent tax increase on millionaires
By Nicholas Ballasy | The Daily Caller 1 hr 41 mins ago
Senate Majority Leader Harry Reid has proposed a 5 percent tax increase on millionaires to pay for President Obamas jobs bill, arguing that even the tea party supports his proposal.
More than 50 percent of the tea party and about 75 percent of other people in America agree that we need to do something about this so were going to propose to pay for this important jobs legislation by asking people who make more than a million dollars a year to pay 5 percent more to fund job creation to ensure this countrys economic success, Reid said at the Capitol on Wednesday. Independents, Democrats and Republicans and even the tea party agree its time for millionaires and billionaires to pay their fair share of taxes.
The problem, Reid said, is that none of the Republicans who support tax increases on millionaires are in the Senate.
(Excerpt) Read more at news.yahoo.com ...
The Reid tax on millionaires will raise about $20 billion.
That will pay for less than half a day’s spending by the democrats. Ten Solyndras.
They increased our debt by $162 billion in the past 3 days alone:
Total US Debt Update: $14.86 Trillion; $162 Billion Increase In Three Days; 98.9% Debt/GDP
So go ahead Harry, pass your pisser surtax. Then what? Pass another? And another?
Harry Reid; Lies like rug.
as reported tonight by Harvard economist appearing with Cavuto on Fox Business
Oh, five percent! I thought it was five cents.
Nah, I can’t support that.
I was going to say, what was he smoking?
Lets cut government spending Harry. Lets start with the Congressional Pension Program by eliminating it entirely. Then we won’t need term limits :>}
Based on the job he’s doing for the Nevada economy, Reid has less than zero credibility when speaking about the Tea Party.
I think it would come out to no more than $10 - 20 billion. Negligible compared to the drunken sailor deficit spending of the Democrat Federal Government.
Democrats who are talking about millionaire taxes such as Reid are trying to divert discussion from cutting spending, where the real problem is. There is no way a millionaire tax can make a significant dent on the deficit.
So $20 billion is going to pay for the $447 billion in the jobs bill? Zer0’s jobs bill is not only bad math, it is a way to deliver more money to more union workers. With more union workers, the unions will have more workers to indoctrinate and money in their political coffers to spread that propaganda to the electorate.
At the same time, with 5% extracted from the high wage earners, that is less money they can use for investing in new workers and the workers needed to build the physical plant needed for expansion.
A worker can have money in his pocket for consumer goods. However, being able to use that money for business ventures is not going to happen. Only the rich are in that position. When the rich are hamstrung with increased costs from regulations, taxes, fuel costs and infrastructure problems, their unique position in the economic system is undermined.
I hope the American people are smart enough to think this through.
See my post #51. Thank you.