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 ...
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.
“They’ll 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.
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