Yesterday Senate Democrats proposed altering Obama’s American Jobs Act to pay for it with a 5% income tax surcharge on millionaires. They went this route, because Harry Reid could not convince DINOs to vote to remove loopholes for Banksters and Big Energy. It will not go far, because Republicans will filibuster, but it Democrats can convince Reid to force the vote, it will put Republicans on record as siding with millionaires.
Senate Democratic leaders on Wednesday proposed a 5 percent surtax on people with incomes of more than $1 million a year to pay for the package of job-creation measures sought by President Obama and to quell a brewing revolt among Democrats against the White House plan.
The Senate majority leader, Harry Reid, Democrat of Nevada, said the surtax would raise $445 billion over 10 years, just about the amount needed to pay for the jobs bill. Mr. Reid said his proposal would “have the richest of the rich pay a little bit more” — “5 percent more to fund job creation and ensure this country’s economic success.”
Mr. Reid’s proposal was meant to draw a sharp contrast with Republicans and to win over Democrats who were resisting the president’s proposal due to the tax increases he had suggested.
The approach is unlikely to win any backing from Republican leaders who strenuously oppose increases in tax rates, saying they would put a damper on the economy and penalize “job creators.” But the plan, which Senate Democrats had aired last year to a cool response from the White House, is seen by party strategists as having appeal with the public.
Inserted from <New York Times>
This approach offers only one improvement over Obama’s original plan. It is easier for the general public to understand. However, it does nothing to to close the hedge fund loophole, big energy loopholes, corporate jet loophole, etc. This demonstrates the need to replace DINOs like Nelson and Landrieu with real Democrats.
Rachel Maddow reports on polls on this subject, ties it in with Occupy Wall Street, and discusses it with pollster Jeff Liszt.
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How about that! Despite all the attempts by the MSM to deride and belittle the demonstrators, they are still more popular than congressional Republicans!
12 Responses to “A 5% surtax on millionaires?”
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Now if the powers that be in D.C. would wake up and listen to the people, things might improve. They would make Grover Norquist awfully mad though.
May Grover use a saguaro cactus as toilet paper. 😈
Now– at the risk of appearing really out of touch : I still have a great deal of trouble understanding ; Just Who Grover Norquist is— and from where does his power to control the House , come from ?– What gives this “Pledge” such clout ?– It seems everything comes down to whether or not Grover will approve , or not—-correct me if I am wrong– but that seems to be a very real issue– if not THE issue here—- Now Why- ? calls for a concrete answer , I have yet to hear one—?
I saw this Grover on TV– He seems a pig headed- cold little twirp , who most likely sleeps in a starched nightshirt— A very rigid person–
Phyllis, Grover is a pundit and sub-surface operator, somewhat like Rove, He enjoys a lot of corporate financial support, because he is their lackey.If a Republican refuses to sign his pledge, Grover’s millionaires finance a media cam[campaign to replace him. His avowed goal is the destruction of the Democratic Party.
A 35% surtax would be more in order for those with the vastly-overpaid incomes, especially after many of them had a heavy hand in outsourcing good-paying jobs!
How about a compromise. 5% on millionaires, 55% on billionaires,
They should “close the hedge fund loophole, big energy loopholes, corporate jet loophole, etc.” in addition to the surtax.
My point, exactly!
My one-eyed dog is more popular than Congress (11% approval rating).
TC, agreed that Congressional DINO’s are lacking some essential anatomical parts, but 5% is a hard-to-misunderstand concept and pays for the jobs program. Perhaps, coupled with spotlighting the Rep’s refusal to back jobs legislation, this is best we can hope for.
BTW, thanks for all your hard work on improving the site and for posting (my fav) Rachael Maddow videos. I now have cable, but can’t get MSNBC, so once again, I am relying on you for both Obbermann and now, Maddow. Know that it is appreciated.
Ann, it looks like Reid could get the votes for the 5% tax if it were an up or down vote, but Republicans will filibuster it, so our best benefit is to put Republicans on record as siding with millionaires over Main Street.
You’re most welcome. I post Keith and Rachel frequently, because they usually mirror, my views.
A number of years ago, I can’t remember exactly when but it was during my working career, Canada had a tax surcharge. When you completed your tax return, that’s when you found out what the surcharge would be. The surcharge started on incomes around $50,000 per year and the higher the income, the higher the surcharge rate.
Now, I am not suggesting using a surcharge base at $50K but what about a sliding scale starting at the $1M/yr income level. The higher your income the higher the rate, to a maximum of course. Do I think that the Republicans would support any increase, not bloody likely. They are too self centred and obstructionist for that. But to be sure, with so many Americans in favour of higher taxes for the rich, the Democrats have to keep hammering at the Republicans in the House and the Senate on the issue to prove to the American people that they are the obstructionists that some know them to be. I’m not an American so I have no vested interest as such, and I can see what is happening! So people, keep your eyes and ears open. Use your brain to think logically and clearly. Keep the idea alive for 2012 in order to reduce Republican influence at the polls. If the Republicans get in, they will continue to screw the American middle and lower classes until there is a widespread revolt even bigger than OWS.
Lynn, that would certainly work. My alternate plan is everyone gets their first $40K free, Pays 15% on the amount between $40K and $100, 30% on the amount between $100K and 250K, 45% on the amount between $250K and $500K, 60% on the amount between $500K and $1 million, and 75% on the amount above that.