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.
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