Nancy Pelosi Wants to Raise the Surtax Trigger to $500,00 for individuals, $1 million for families

[flpoljunkie]

The speaker would like the trigger raised to $500,000 for individuals and $1 million for families, “so it’s a millionaire’s tax,” she said. “When someone hears, ‘2,’ they think, ‘Oh, I could be there,’ because they don’t know the $280,000 is for one person.

“It sounds like you’re in the neighborhood. So I just want to remove all doubt. You hear ‘$500,000 a year,’ you think, ‘My God, that’s not me.’”

Pelosi also told POLITICO she will push to “drain” more savings from the medical industry — hospitals, pharmaceutical companies and health insurers — than they have given up under current health-reform agreements with the Senate and White House.

Asked whether she believes the industry players will wind up contributing more to the package, Pelosi replied: “I don’t know. I know they can, to the extent that the special interests are willing to cooperate. ... They could do much better. ... Frankly, I think all the money could be drained from the system, if they were willing to do that.”

http://www.politico.com/news/stories/0709/25144.html

[RC]

1. Our own leadership is working against us.

$250,000 is plenty high enough. In fact I think $150,000 is more than enough.
We need to get some people in there that have a an idea how most of us really live.
I wonder if Pelosi knows what a supermarket scanner is?

[Chulanowa]

3. Notice her key word - "could"

Basically she wants tax policy to fit people's fantasies of where they might be at some point in the future

[marmar]

4. The backing down has already begun......

5 percent of the electorate gets 95 percent of the representation. :argh:

[InAbLuEsTaTe]

6. Seriously. Pelosi has no clue. Maybe its time to trade the limo for a bus.

[spooky3]

10. depends on where you live - $150K is barely enough to afford a mortgage on a small

fixer upper house in some cities

[Gidney N Cloyd]

2. $280,000? My God, that’s not me.

In fact, I don't think that's the richest person I know.

[Orsino]

5. I'm afraid she's trying to limit the surtax...

...to the class of people who can afford to find loopholes.

I guess she has a point. Raise the threshold to a point where talk radio can't easily misrepresent it as having anything to do with their listeners.

[flpoljunkie]

7. Pelosi thinks 'all the money could be drained from the system, if they were willing to do that.'

(So, a surtax on the wealthiest would be much easier to sell to a timid Congress.)

Pelosi also told POLITICO she will push to “drain” more savings from the medical industry — hospitals, pharmaceutical companies and health insurers — than they have given up under current health-reform agreements with the Senate and White House.

Asked whether she believes the industry players will wind up contributing more to the package, Pelosi replied: “I don’t know. I know they can, to the extent that the special interests are willing to cooperate. ... They could do much better. ... Frankly, I think all the money could be drained from the system, if they were willing to do that.”

http://www.politico.com/news/stories/0709/25144.html

[zeemike]

8. Is that 250K gross or net income.

Because if it is net taxable income you would have to be a millionaire to have 250k net taxable income after all the deductions are taken...and there are many of them for millionaires.

[endarkenment]

9. gross minus pre tax stuff like 401ks

However I would like to also see the abolition of capital gains as a separate income category and have it put in with salary income and interest income and all treated the same. That change would kick some millionaire butt.

[spooky3]

11. I agree with you

investment income should not be taxed at a lower rate than wages and salaries.

[zeemike]

13. It is kind of ironic that easy money made without labor

is taxed less than money made from labor.

[zeemike]

12. And generate some serious tax revenue.

Which is what we need.

[CrispyQ]

18. Yes, all income should be taxed the same.

Actually, I would be in favor of taxing labor less, but for starters I'd be thrilled to tax investement income the same as labor income. :thumbsup:

[flpoljunkie]

15. For individuals, and small businesses who file as individuals, the AGI--line 37 of 1040.

[flpoljunkie]

16. Pelosi needs to get a health care bill passed in the House to go to conference with Senate bill.

Momentum is key.

[zeemike]

23. Well then there income is larger than that.

I mean they can use there small business to buy a Nummer and deduct it as an expense...plus get a tax brake for buying a Hummer. Plus a lot of other things listed a business expenses.

[WinkyDink]

14. I hear "2", and I think, "Never was me or us together, after combined 63 years teaching."

Pelosi is OUT OF TOUCH.

[flpoljunkie]

17. This is what Nancy Pelosi is up against--Blue Dogs working with Republicans

Emphasis mine.

Beyond that, the biggest threat to the August goal – if not successful passage of the bill altogether – is coming from fiscally conservative Blue Dog Democrats, who have banded together in opposition to everything from Medicare reimbursement rates to an automatic public plan, and have hinted at bolting on the idea of taxes of any kind.

The will of these Democrats, and the power of their leaders to cut deals with them, will be on full display starting on Monday when the critical Energy and Commerce Committee continues its markup of major portions of the House bill.

Committee Chairman Henry Waxman (D-Calif.) has vowed to finish his markup by midweek as promised. But the Blue Dogs have said they have enough votes to kill the bill in committee if changes aren’t realized. And on issues where the committee lacks jurisdiction, such as the tax portion, Blue Dogs have warned that there are enough votes to kill the bill on the floor, as well.

While not indicating any desire to slow down, House leaders on Friday said they expect to reach agreements with any and all Democrats who are for the time being balking.

http://thehill.com/leading-the-news/healthcare-marathon-may-hit-wall-this-week-2009-07-20.html

[rockymountaindem]

19. This doesn't seem unreasonable as long as it raises the same amount of revenue

somehow. If part of politics is selling your idea, she's got a point. Furthermore, if it were possible to raise the same amount of revenue by putting a steeper tax on a smaller number of people, that's going to alienate fewer voters and make the "they're raising your taxes!!!" argument fall all the more flat when we can point out exactly how few people it's being levied on. I'm not going to get worked up over this one.

[flpoljunkie]

21. The Blue Dogs have the votes to stop legislation coming out of Waxman's Energy, Commerce Committee

Pelosi realizes they must be dealt with--one way or the other.

[Jakes Progress]

20. Drives me crazy.

How out of touch the rich can be. I think Pelosi actually thought she was helping the poor people here - you know - the poor people who have to get by on two or three hundred thousand a year. These people hang around with billionaires and have now conception of what real people live like.

[flpoljunkie]

22. No, she has to get past the Blue Dogs who want a 'more limited' publc option, regional Medicare fix.

Am not sure what they mean by a 'more limited' public option. They are, as usual, concerned about the cost of reforming health care. They need to be reminded that our president has said health care reform must be paid for in whatever bill he signs.