House bill to hit millionaires with 5.4 pct surtax

Reuters ^ | Tue Jul 14, 2009 1:41pm ED | Donna Smith

[curth]

A sweeping overhaul of the U.S. healthcare system to be announced on Tuesday in the U.S. House of Representatives will include a surtax on millionaires of 5.4 percent, congressional sources said.

The tax rate is higher than the 3 percent surtax lawmakers had been discussing earlier and would be imposed on those making more than $1 million a year,

[Niuhuru]

And the millionaires hit will leave for greener shores. Countries that WANT them and won’t tax them to death.

[chiefqc]

Which will result in the cost of everything going up 10-15%.

Do they really believe that the rich will just roll over play dead and take this hit without a recoup of their money, if so they are dumber that a fence post, oh wait they are elected officials, the same ones who vote for a bill without even knowing what it says.

[CountryBumpkin]

Buckle up and hold on. Here comes 15% unemployment. Jimmy Carter couldn’t do it any “better”.

[The Good Doctor]

"I’m sure alot of these millionaires are dems. Ha, you get what you vote for."

Certainly you've got your Soros, Gates, Lewis, Geffen etc. who are super rich liberals. I'd love to see party affiliation statistics showing what percent of the "wealthy" in America (Greater than $250K, greater than $1M etc.) are Republican or Democrat. My guess is that significantly more Republicans will be affected by "greater than $1M" punishment, and that vastly more Republicans will be affected by "greater than $250K punishments.

Of course it's 2 birds with one stone for Democrat congress. They redistribute Republican money to Democrats, and reduce the amount of money Republicans have to donate to Republican political campaigns.