Posted on 09/18/2011 7:54:29 AM PDT by SeekAndFind
A top House Republican accused President Obama of appealing to Americans' "fear, envy and anxiety" by pushing a new tax rate on people making more than $1 million annually, saying the "class warfare path" will only hurt the economy. "Class warfare ... may make for really good politics, but it makes for rotten economics," Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, told "Fox News Sunday."
The president is planning on proposing the new and higher rate as part of a broader long-term deficit-reduction plan he's unveiling Monday. It will likely include a mix of entitlement reform and new revenue, and will be aimed at the bipartisan "super committee" trying to find about $1.5 trillion in deficit reduction over the next decade.
But Ryan said the millionaire tax provision will undermine economic growth.
"If you tax something more, you get less of it," Ryan said. "If you tax job creators more, you get less job creation. If you tax their investment more, you get less investment."
Senate Republican Leader Mitch McConnell, speaking on NBC's "Meet the Press," also expressed concern that the increase would stifle the economy.
The idea behind the Obama proposal is to make sure those making more than $1 million a year pay at least the same rate as middle-income taxpayers -- Obama will call it the "Buffett Rule," after billionaire Warren Buffett who complained that the wealthy are sometimes effectively taxed at a lower rate than others. That's because investment income is taxed at a lower rate than ordinary income.
(Excerpt) Read more at foxnews.com ...
What part of thou shall not covet other people’s wealth do these people not understand? Covetousness, envy, jealousy and theft are not a foundation for a prosperous economy.
A Freeper has put this concisely into a great talking point:
http://www.freerepublic.com/focus/news/2779995/posts?page=19#19
Barky has the grand mal envy bug.
No kidding Ryan!
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Obama’s “Buffett Tax” – Seizing 100% of Millionaire Income Would Pay Only Half of Deficit
http://confoundedinterest.wordpress.com/
Hopefully he will not be in office long enough, but I’m sure he would also like to put a surcharge on anybody who has a 6-figure or more retirement fund, you know, to take care of those people driving $60K SUVs who just haven’t bothered to save anything...like the ant and the grasshopper fable. That’s just the way his mind works.
With the MSM always ready to help 0bama, Republicans need to handle this issue carefully.
Boner blew it on the debt limit extension by putting defense cuts on the table. And DeMint and Cantor are traitors for going into hiding during the final debate. DeMint could have filbustered, but he didn’t. Obama will get his millionaire’s tax thanks to the RINOs, the ineptness of Boner, the collusion of McConnell and the cowardice of Demint and Cantor.
I saw Ryan’s interview on Fox this morning and Chris Wallace couldn’t keep his mouth shut long enough to let his guest speak.
The subject matter is important enough to show the poor guy the decency to answer the questions without trying to speed up his answers and hurry on to a faux-important commercial break.
With an economy showing Titanic signs of progress, guests like Ryan deserve to be heard.
We need to watch this WALL STREET DEMONSTRATION also; supposedly crafted to resemble the ARAB SPRING uprisings in the mid-east. I fear this is the Feds’ intention to stir us up to align with Cuomo’s statements of “riots in the streets”. It will be interesting to read what NY Times journalists will have to say!?!
So we should tax investment income at a higher rate and thereby cripple investments? What the hell is wrong with this administration?
Forget raising taxes on those who are already paying more than their fair share. I want someone in Congress to have the guts to propose that ALL Americans pay income tax. Stop raising taxes on those who already pay taxes and make the 50 percent of Amercans who pay nothing pay up.
I can’t understand why whenever obama talks about more taxes, that the GOP doesn’t drag out a laundry list of all the ridiculous appropriations of what we are wasting money on now, pasted on Perot type posters, and simply say: If we are wasting $ on this sh*t, why do we want to waste more? Whenever the left talks new taxes, the 1st words out of the GOP’s mouths should be examples of current waste.
This is all so much political theater and BULLSHIT. Revenue raising legislation all originates in the House, and the Republican House isn't going to do anything to help odumbo.
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