Reid: ‘Even the tea party’ supports 5 percent tax increase on millionaires

Yahoo ^ | 10/05/11 | Nicholas Ballasy

[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 Obama’s 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 we’re 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 country’s economic success,” Reid said at the Capitol on Wednesday. “Independents, Democrats and Republicans and even the tea party agree it’s 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.

[silverleaf]

The Reid tax on millionaires will raise about $20 billion.

$20 BLLION.

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
http://www.zerohedge.com/news/total-us-debt-update-1486-trillion-162-billion-increase-three-days

So go ahead Harry, pass your pisser surtax. Then what? Pass another? And another?

[Harmless Teddy Bear]

Harry Reid; Lies like rug.

[silverleaf]

$20 Billion

as reported tonight by Harvard economist appearing with Cavuto on Fox Business

[ROCKLOBSTER]

Oh, five percent! I thought it was five cents.

Nah, I can’t support that.

[Grey Eagle]

I was going to say, what was he smoking?

[Manic_Episode]

[cva66snipe]

Lets cut government spending Harry. Lets start with the Congressional Pension Program by eliminating it entirely. Then we won’t need term limits :>}

[Post Toasties]

Based on the job he’s doing for the Nevada economy, Reid has less than zero credibility when speaking about the Tea Party.

[Post Toasties]

It would be interesting to know how much additional revenue this 5% surcharge would bring in. Has anyone done the calculations?

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.

[Post Toasties]

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.

[jonrick46]

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.

[jonrick46]

See my post #51. Thank you.