House entertains 5.4% surtax on millionaires

[rbell]

They must think stupid is in this year.

House bill to hit millionaires with 5.4 pct surtax:
http://www.reuters.com/article/marketsNews/idUSWEN055320090714

Only a moron would do that in this economic climate. Wow...how stupid can you get?

Another thing...I'm looking, but I don't think this is one of these "after-deduction, loophole-filled" items. I think this is off-the-top.

These shenanigans have already happened in Maryland. If it gets through, get ready for what Maryland discovered: An exodus of millionaires.

Get ready to see people run...people hide their money...people leave the country...and those that stay begin to pull back even more.

Fewer jobs, by far.

Of course, since the plan is to employ everyone with government jobs, ( ), then no big deal, huh?


Hey, you guys KNOW I think this is a terrible plan at any time. But what kind of cranially vacant half-wit would even consider this during a recession?

I guess the dems must want to give control back.

 

[billwald]

Then eliminating taxes on rich people would solve the economic problem? How about a cap at $100k gross income?

 

[targus]

Then eliminating taxes on rich people would solve the economic problem? How about a cap at $100k gross income?

That actually may not be such a bad idea.

The level of economic activity would increase and we would see many of the currently unemployed working again.

A large number of people who never made $100,000 per year would have a chance to do so for the first time once the economy got going again.

Good for you.

 

[targus]

Then eliminating taxes on rich people would solve the economic problem? How about a cap at $100k gross income?

On the other side of the coin - if tax increases don't hurt the economy - why not raise everyones taxes to 100% on everything over some basic substanance living level?

That would insure that everyone is treated the same.

 

[billwald]

Sure, but let's use some sort of reasonable scheme. Say 100% tax over 50 times the existing minimum wage? That would be around a million bucks.

 

[targus]

Sure, but let's use some sort of reasonable scheme. Say 100% tax over 50 times the existing minimum wage? That would be around a million bucks.

What you would find then is that no investor is going to risk even a dime to make anything over $1,000,000 if all the potential profits are taken in taxes.

Why make one more widget if the profit all goes to taxes?

Why work even one more hour if the money from that hour all goes to taxes?

Why not shift investments into tax shelters or offshore if you can to avoid the taxes?

The economy would slow and the middle and lower classes would be the ones that pay for it.

 

[billwald]

You understand the psychology of a guy working an assembly line is different than the psychology of a guy collecting $100 million a year? The rich guy is working for more power so he can stomp on more working class people and feel superior to the guy who is making only $10 million. The assembly line guy is trying to feed his family.

Why do starving artists paint pictures that no one buys?

 

[billwald]

By the way, during one of the world wars the US had a 100% tax on all income over $100 K and no one quit working because of it.

 

[targus]

...working for more power so he can stomp on more working class people and feel superior..

That's funny.

That's how I see democrat politicians.

 

[targus]

By the way, during one of the world wars the US had a 100% tax on all income over $100 K and no one quit working because of it.

Apples and oranges...

Different circumstances...

Different motivation...

 

[rbell]

You understand the psychology of a guy working an assembly line is different than the psychology of a guy collecting $100 million a year? The rich guy is working for more power so he can stomp on more working class people and feel superior to the guy who is making only $10 million. The assembly line guy is trying to feed his family.

Why do starving artists paint pictures that no one buys?

Alex, I'll take silly overgeneralizations and stereotypes for $500, please...

 

[rbell]

The rich guy is working for more power so he can stomp on more working class people and feel superior to the guy who is making only $10 million.

So, how many poor people have given you a job?

You have a gratefulness problem.

 

[carpro]

A tax increase during a recession on top of the one we'll get when the Bush tax cuts expire.

Economic boneheads. :BangHead:

 

[Mexdeaf]

Actually it will be more like a 15% tax.

This administration will not go down in history as the most intelligent. The most conceited, perhaps.

 

[rbell]

That's my point...forget partisanship for a second. Who in their right mind would even consider such a huge tax increase during a recession?

I guess Obama and his folks are looking at it like this: he has this window...where he can do pretty much anything, because it's a crisis...and, he can avoid being responsible, because this entire mess...every bit of it...is "George Bush's fault."

Now, at some point, that line won't work...even with Obamabots. So, it would stand to reason, I guess, that this is the time to pass those kind of policies.

It's still stupid, though.

 

[BaptistBob]

Fed, state and local taxes are predicted to be 68% for people living in NYC according to the New York Times.

 

[Magnetic Poles]

Do you guys realize what a drop in the bucket this is? And it only affects the 1.2% of wealthiest Americans...those who have enjoyed an unearned tax cut under Bush.

Families making over $350k/yr. get a surtax of $1500
Those over half a million/yr. get a surtax of $7000
Those over a million pay an extra $9000. That is nothing at that income level. It will NOT cause any jobs to go away. None of those figures even pay for one employee.

Well worth it to insure all have health care.

 

[Mexdeaf]

Do you guys realize what a drop in the bucket this is? And it only affects the 1.2% of wealthiest Americans...those who have enjoyed an unearned tax cut under Bush.

Families making over $350k/yr. get a surtax of $1500
Those over half a million/yr. get a surtax of $7000
Those over a million pay an extra $9000. That is nothing at that income level. It will NOT cause any jobs to go away. None of those figures even pay for one employee.

Well worth it to insure all have health care.

Enjoy your pipe dreams.... People who are gonna get hit are already preparing the pink slips...

 

[Magnetic Poles]

Enjoy your pipe dreams.... People who are gonna get hit are already preparing the pink slips...

What world do you live in where you can get an employee for $1500 to $9000 per year? Who could work for that? These guys were gifted big tax breaks by Bushie boy. This is only fair. The free ride is over.

 

[rbell]

Do you guys realize what a drop in the bucket this is? And it only affects the 1.2% of wealthiest Americans...those who have enjoyed an unearned tax cut under Bush.

Families making over $350k/yr. get a surtax of $1500
Those over half a million/yr. get a surtax of $7000
Those over a million pay an extra $9000. That is nothing at that income level. It will NOT cause any jobs to go away. None of those figures even pay for one employee.

Well worth it to insure all have health care.

First, I can't get your numbers to jive. For instance...5.4% (the surtax amount) is more than you are stating. Second, since when did we ever trust the government's numbers? Third, this proves Obama to be a liar...He made an campaign promise that no family would pay more tax than they did in the 1990's. (SOURCE) Fourth, jobs WILL be affected. Take a businessman employing 10 people and a $500K payroll, and he cannot afford to provide healthcare. His "no healthcare" penalty will be $40,000. Say goodbye to 1-2 employees.

Of COURSE jobs will go away. The compliance costs, penalties, and resulting problems from substandard health care WILL cost jobs.

But hey...people see the fine job that FEMA, Congress, the IRS, your local DMV, and Walter Reed Army Medical Hospital does...and they think, "man, I gotta have me some of that."

Welcome to the nightmare.

My final point, and why I am so much against government healthcare: I believe in freedom and liberty. That evaporates with government healthcare. Why? Because with government money comes government control. Now that "you're" paying for "my" healthcare...you have a right to tell me I can't eat potato chips. You have a right to tell me that my daughter must have the cervical cancer vaccination. You have a right to tell me what kind of treatment I have to get for my back problem. Why?....because "you're paying for it." Despite what the Constitution says, I am no longer in charge of me.

Of course, in other threads, the question has been asked, and avoided, "so..how much of a rich guy's money do you have a right to?" And as we can see plainly...class envy is a major underlying issue. And that is wrong.