Democrats: $250K isn't rich (Now abandoning their biggest talking point on taxes)

POLITICO ^ | 10/06/2011 | Manu Raju

[MrB]

Short of a radical new privacy invasion, they won’t know who owns how much.

I guess, then, they'll just have to go with the "employed Caucasian" tax. It's really what they want to do anyway.

[USFRIENDINVICTORIA]

True, but you’d have a lot more millionaires to tax. /s

[xkaydet65]

The IRS reports about 237K have an AGI of $1M+ in a given year. Since there will not be a new bracket the surcharge must be on the total tax owed. But my unscientific calc says that the 48B needed each year(principle and int on 447B)would require an additional average $202K in taxes from each of those 237K million dollar earners each year.My math challenged mind reels at forming an algorithm to process what the taxes would actually for individuals.

[SeekAndFind]

RE: taxing just millionaires punitively won’t generate enough revenue to amount to a tinkers damn.

Of course they know that. However that isn’t their real goal — it is CONTROL (using the “fairness” buzzword and stalking envy to achieve it)

[PBRSTREETGANG]

Schumer knows how his constituency will react to $250,000 being the number. Sadly that’s not a lot of money in NY and Chuckie knows it.

[funfan]

But in the jobs bill Obama wants passed-couples making 125,000.00 per year will get some itemized deductions taken away giving them a tax increase. The democrats in congress are liars unless they are just stupid actually I think it is both.

[Billthedrill]

I’m guessing that ‘rich” will never go lower than $174,000 a year. That’s the base pay for a congress member.

[combat_boots]