Skip to comments.Source: Obama likely to endorse 'millionaire's surtax'
Posted on 10/06/2011 7:06:31 AM PDT by Oldeconomybuyer
Washington (CNN) -- President Barack Obama will use a news conference Thursday morning to push Congress to act on his jobs plan, a senior administration official said.
Obama will likely endorse the so-called "millionaire's surtax" included in a jobs bill filed by Senate Democrats on Wednesday night, the official said.
The surtax in the bill introduced by Senate Majority Leader Harry Reid is a 5.6% tax hike on earnings over $1 million -- up from the 5% initially proposed.
It would raise more than enough to fully pay for the president's $447 billion jobs bill within the required 10-year window, a Senate Democratic leadership aide said.
The tax hike would kick in in 2013, rather than 2012 as previously proposed.
(Excerpt) Read more at cnn.com ...
They’ll be so many loopholes to this thing, that the millionaires will get out of paying it.
All this is, is a boon for tax lawyers and accountants.
odds he’ll say it’s in honor of Steve Jobs?
It’s got to get passed the House. Does anyone in the Senate or the WH know this?
I wouldn’t put it past him to say “this is what Steve Jobs would have wanted.” He’s that sick.
He can’t even get his own party to endorse this monstrosity. What a dweeb!
Obama bribes congress with pork, and congress shoves his fascist policies on us all.
People, this can't be right.
Its got to get passed the House. Does anyone in the Senate or the WH know this?
Obama wants a fight with house republicans...it’s the only election ammo he has left. What’s amazing is, his campaign staff doesn’t seem to realize that Zero will not be running against anyone from the house in the general.
Comparing Zero to Harry Truman, the guy who ran against the do-nothing congress, is a false comparison. Obama is Carter, and the liberals are starting to realize it. Their reactions will be ugly.
What the GOP should do is attack the spending and whom its aimed at. A mantra should be developed to hit the fact that the spending is aimed in its entirety at union workers. No element of this bill will provide for non union jobs.The leadership, not just talk radio should hit the fact that the monies to the workers will result in dues to the unions and increased donations to the Dems, using redirected tax dollars. If Obama wants to divide the nation by class and set them on each other, the GOP should divide the nation by union membership and set them at each other.
Lawyers and accountants are trained to hide income; they are not as adept at hiding wealth.
I think he’s Carter squared.. Haha.
You misunderestimate their creativeness (and their ability to make the powers that be look the other way).
50 % of the people that pay NO taxes applaud.
We can import our own boys from The Boot perhaps!
According to their static analysis, it will pay for the jobs bill in ten years—but the money will be spent in one to two years. This type of budgeting has gotten us where we are today.
So taxing the people that invest in long-term job creation to pay for short-term union slush funds. I missed this approach in economics class to growing an economy.
Where you been boy?!
Even Hannity makes sure now to say FEDERAL INCOME TAX.
BTW, the FEDERAL INCOME TAX was sold on the idea that it would only apply to a small fraction of top earners ~
Since it failed it is best we rescind the 16th amendment and get rid of the personal income tax.
Uh-huh. As usual, Urkel gets his take now to divvy up among his Big Union cronies who, in turn, funnel some of the money back to his and other RAT campaign coffers while we get some vague assurance that the money will be paid back over the next 10 years.
That’s the problem with this surtax, it’s on EARNINGs not WEALTH.
If taking 55% at the time of your death is good then why doesn’t obama just raise the surtax to 55% on WEALTH.
Watch the rich demoncrats in the Senate scream. kerry would get hell from his wife to have to pay a 55% tax on her $750 million fortune.
If a 5% “Millionaire Tax” will create jobs, just think how many more jobs a 10% Millionaire Tax will create. In fact, why stop there! A 20% Millionaire Tax would be even better. Just imagine how many more jobs there will be of we add a 100% Millionaire Tax. I think we have something going here.
Good post! I would like to see the focus on where he plans for the money to go, who controls it...as we see the ineptitude of the present Cabinet to know what they’re doing with it...or are they just funneling more tax dollars into supporter appeasement funds?
And just look how robust that Italian economy is. /s
I will start to 10% to make it easier to follow.
If a 10% increase in the tax rate for millionaires will result in 447 billion dollars coming in to The Treasury, that must mean that millionaires currently account for 4.47 trillion dollars coming into The Treasury.
That doesn't sound likely seeing as how ALL sources of income taxes currently coming into the Treasury amounts to something like 3 trillion dollars.
But, if the increase is 5%, that would mean millionaires currently account for 9.4 trillion dollars coming into The Treasury.
Even if you spread that out over ten years, that would still mean that millionaires account for 940 billion dollars a year.
Additionally, if you give Urkel his 447 billion dollars today with the expectation that it will be repaid over the next ten year then we you would have to assume that the 447 billion dollar is borrowed at 0% interest.
That would further mean that there would be no further borrowing or spending for the next ten years which we know is a flat out lie because we just gave him 2 trillion dollars a couple of months ago that we were ALSO told would be repaid over the next 10 years.
And then there was the trillion dollars we gave Urkel back in March that was said to be paid back over the next 10 years by millionaires.
Socialism, communism, facism all wrapped in one package. End of America as we know it, if this dangerous bill ever passes.
I loved this line “initially 5% proposed”
With Democrats, they will increase this every quarter.
“Theyll be so many loopholes to this thing, that the millionaires will get out of paying it.”
Good, I hope so. The government has no right to take this money in the first place.
Sometimes they’re UP and sometimes they’re DOWN. Italians have always been a resourceful people.
dfwgator’s Theory #15432, “Every tax law is structured so as to provide maximum wealth to tax accountants and lawyers.”
“Put it on the senate floor and make the democraps vote on it.”
They would love to - a millionaire tax has 75%+ public support.
Will the RINO’s support this???
That would require a Constitutional Amendment, as the XVI Amendment is specific to income. That would also require the feds to get involved in property asessment for these taxpayers, while at this time the feds only do this for inheritance. That’s a one time thing, but for living taxpayers prop values go up and down every year and are reflective of location/ Al Gore’s manse in Tennessee is probably valued less than a home half its size on Long Island’s Gold Coast.
This new tax will do the same for the economy as the Democrat-demanded Luxury Tax did for the boat industry.
The $447B will be spent now, but the $447B in taxes will be collected over 10 years. So refigure your math on the %5 surcharge being worth about $48B per annum, not $447B.(The difference in the total represents interest that must be paid so figure a total cost of $480B prin and int)
Plenty of opportunity for them to learn how to do it, know how to do it, and expand their operation ~ for instance hiring appraisers and assessors.
It's not like they can't do it.
One thing for sure the tax man cometh!
One more time, it’s a myth that anyone gets away without paying taxes.
My bookie disagrees.
He paid sales taxes on his account ledger and his pens.
No he’s also a pick pocket,no over head is the game.Also remember if you know the right people there’s always a loop hole.