Skip to comments.Democrats: $250K isn't rich (Now abandoning their biggest talking point on taxes)
Posted on 10/06/2011 1:07:34 PM PDT by SeekAndFind
click here to read article
I guess, then, they'll just have to go with the "employed Caucasian" tax. It's really what they want to do anyway.
True, but you’d have a lot more millionaires to tax. /s
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.
RE: taxing just millionaires punitively wont 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)
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.
I’m guessing that ‘rich” will never go lower than $174,000 a year. That’s the base pay for a congress member.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.