Harry Reid outlines plans for (5%) millionaire surtax

[Newsjock]

Source: Associated Press

Senate Democrats intend to jettison provisions that President Barack Obama recommended to pay for his jobs bill and substitute a tax surcharge on millionaires, officials said Tuesday, hoping to unify the party for a protracted political struggle with Republicans.

Senate Majority Leader Harry Reid outlined plans for a 5 percent surcharge in a closed-door meeting with the rank and file, according to participants in the session, as Obama traveled to Texas to deliver his most caustic challenge yet to House Republicans who have not allowed a vote on the legislation unveiled nearly a month ago.

... Democrats said Reid's proposed millionaires' surtax was designed to quell much if not all of the opposition from his own rank and file, a subject that Sen. Dick Durbin of Illinois, the second-ranking leader, referred to in an interview with reporters.

... His office declined comment on the emerging plan for a surcharge on millionaires, but several Democrats, speaking anonymously to discuss the developments, said it was being drafted to cover the entire $447 billion cost of the legislation.

Read more: http://www.lasvegassun.com/news/2011/oct/04/harry-reid-outlines-plans-millionaire-surtax/

[MichiganVote]

1. Pathetic

[davidwparker]

11. I don't get why you think this is pathetic. Sounds like the

Senate is against extending Bush's tax cuts to the wealthy.

Now, if they can add windfall profit taxes on financial institutions to get back money from fraud, then we're getting somewhere.

[abelenkpe]

2. Wait, Democrats are against Obamas jobs bill?

And actively watering down a bill that already didn't go far enough. Are you kidding me?

[Vincardog]

3. I believe that they are against the cuts to FICA tax that were supposed to fund it and that instead

strengthen the calls to end or amend SSI. So much better to leave SS alone and get all the money from the rich.

[mascarax]

6. Well, yeah, when Obama goes after Big Oil & Gas, says Sen. Mary Landrieu

We can't have THAT. They'd have to pay higher (any?) taxes!

Also, those poor corporate jet owners and hedge fund managers (one of which made $5 BILLION in one year -- such a hard worker!)...why must they suffer so?

Where's the sarcasm emoticon? Oh, here:
:sarcasm:

[KoKo]

7. They are being pragmatic and know it won't pass and don't want their re-election chances on the line

for a low approval in the polls president. Sad...but they are going to save their own skin.

[jerseyjack]

4. 5% Big Fucking Deal !

[MannyGoldstein]

5. K&R! Good for Reid! It's a start.

Then we can adjust the marginal income tax rate and make the capital gains tax fair.

[KoKo]

8. It's Reid...and he appears to be going against Obama...but he's pragmatic...

In the end it's just a Kabuki Dance. I wouldn't be giving Harry Reid any Kudo's, though. The knife is always in Harry's back pocket...Garroting.

[reformist2]

9. We need a 5% surtax on their wealth!

[DonCoquixote]

10. The next time people say

"Obama had a super majority, we could have done ANYTHING", remember this. Pelosi and Reid were not just as much the enemy as the GOP were, they were worse, because they pretended to be our friends. Now they can go back to the gravy train once the nation decides to hand the White House to the GOP for the next 30 years, or at best, hand it to a Clinton.

[dogmoma56]

12. 5% + The 15% they actually pay before deductions, after deductions, they get a subsidy.

[earcandle]

13. no, we need a 39% tax on their wealth, as Obama has stated. This is compulsory without favor for

those who make over 1 million dollars in profits.

[Myrina]

14. ... is that before or after offshore havens and loopholes are applied?

:shrug:

[Omaha Steve]

15. Reid Proposes Surtax on ‘the Richest’ to Pay for Jobs Plan

Source: NY Times

By ROBERT PEAR

WASHINGTON — 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.

Read more: http://www.nytimes.com/2011/10/06/us/politics/democratic-leaders-propose-millionaires-tax-to-pay-for-jobs-plan.html?_r=1&partner=EXCITE&ei=5043