If making millionaires, billionaires pay their fair share is class warfare, guess who's won the war?

[flpoljunkie]

Hint: They are represented in the top right square in the big block--the top 1% to the top 1/100th of one per cent--.01%.


http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph

[yellerpup]

1. Great chart.

:kick: & Rec.

[flpoljunkie]

3. Restoring Bush era tax rates for millionaires and billionaires would raise $400 billion over 10 yrs

Emphasis mine

How much could a tax on millionaires raise?

By Ezra Klein, Published: September 18

On Monday, the Obama administration will call for a new tax on income over $1,000,000. The details aren’t available yet, but various versions of of a millionaire’s tax have been floating around for some time now, so it’s possible to get a rough sense of what the tax could raise.

Back in early-2009, House Democrats proposed offsetting health-care reform by imposing a 5.4 percent surtax on income over $1,000,000 for joint filers, and $500,000 for single filers. The Joint Committee on Taxation estimated that the proposal would raise $460 billion between 2010 and 2019. Adjust for economic growth and a similar proposal scored from 2012 to 2021 would likely raise more than $500 billion. That would more than pay for the president’s jobs bill.

Another option would be to create a series of tax brackets for millionaires. After all, someone making $1,500,000 annually is in a very different position than someone making $10 million annually. Rep. Jan Schakowsky has advanced a proposal along these lines that would tax income between $1 million and $10 million at 45 percent, income between $10 million and $20 million at 46 percent, income between $20 million and $100 million at 47 percent, income between $100 million and $1 billion at 48 percent, and income over $1 billion at 49 percent. Her office estimates this proposal would generate $78 billion in revenue in 2011, which implies that it would raise close to, or perhaps more than, $1 trillion over the next 10 years, depending on how fast incomes rise.

Something of a compromise proposal can be found in the Center for American Progress’s deficit-reduction plan (pdf), which proposed four version of a graduated surtax on incomes over $1,000,000. The lightest of these proposals raised $10 billion over three years with a surtax of one percent on all income over $1 million. The heaviest raised $75 billion over three years through a surtax of five percent on income between $500,000 and $5,000,000 and seven percent on income above $5 million.

A final possibility would be to simply sunset the Bush tax cuts for income over $1 million. This is a proposal advanced by, among others, Sen. Chuck Schumer. The Center on Budget and Policy Priorities looked at this option and concluded it would raise about $400 billion when compared to a world in which all of the Bush tax cuts were extended. But compared to a world in which all of the tax cuts for income over $250,000 expire — which is, remember, the administration’s current position -- the proposal is actually a tax cut of about $400 billion.

http://www.washingtonpost.com/blogs/ezra-klein/post/how-much-could-a-tax-on-millionaires-raise/2011/08/25/gIQAL4RocK_blog.html

[yellerpup]

8. I'm for it.

Pony up, crybabies!

[gateley]

2. A caller to the Bill Press show this morning called it "economic class genocide". nt

[flpoljunkie]

4. This tax increase for millionaires and billionaires will take not take effect until 2013

Jared Bernstein just made this very important point on MSNBC. Democrats might want to do likewise, rather than whining about ending oil, gas and agricultural subsidies that we can no longer afford to bestow on millionaires and billionaires through our tax code.

[flpoljunkie]

5. The President has sent his plan for economic and deficit reduction to the House.

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/jointcommitteereport.pdf

From the Section on Tax Reform beginning on page 45

Bring Fairness to the Individual Tax Code

Allow the 2001 and 2003 high-income tax cuts to expire and return the estate tax to 2009 parameters. The tax cuts for those with household income above $250,000 per year passed in the Bush Administration were unfair and unaffordable at the time they were enacted and remain so today In December 2010, congressional Republicans insisted on extending them through 2012 and threatened to allow taxes to increase on middle-class families if the Administration did not agree. Not extending the middle-class tax cuts would have hurt our nascent economic recovery, and would have imposed an enormous burden on working families The Administration remains opposed to the extension of these high-income tax cuts past 2012 and supports the return of the estate tax exemption and rates to 2009 levels This would reduce the deficit by $866 billion over 10 years.

Measures Incorporated in the American Jobs Act

Reduce the value of itemized deductions and other tax preferences to 28 percent for families with incomes over $250,000. Currently, a millionaire who contributes to charity or deducts a dollar of mortgage interest, enjoys a deduction that is more than twice as generous as that for a middle-class family The proposal would limit the tax rate at which high-income taxpayers can reduce their tax liability to a maximum of 28 percent, affecting only married taxpayers filing a joint return with income over $250,000 (at 2009 levels) and single taxpayers with income over $200,000 This limit would apply to: all itemized deductions; foreign excluded income; tax-exempt interest; employer sponsored health insurance; and selected above-the-line deductions The proposed limitation would return the deduction rate to the level it was at the end of the Reagan Administration It would reduce the deficit by $410 billion over 10 years.

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/jointcommitteereport.pdf

[flpoljunkie]

6. There is also a White House Fact Sheet link.

http://www.whitehouse.gov/the-press-office/2011/09/19/fact-sheet-living-within-our-means-and-investing-future-president-s-plan

[Cali_Democrat]

7. K&R