- Oct 20, 2013
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Biden's economic agenda is toast. As it stands, it's 52-48 against it in the Senate, and its going nowhere.
But let's look at the bill itself. The plan from Senate Democrats on Wednesday would tax roughly 700 of the nation's billionaires. Under the "billionaires' income tax," the wealthiest slice of Americans would see the skyrocketing value of their stocks and assets taxed.
Democrats wanted to raise the top individual income tax rate from 37% to 39.6%. Democrats are also proposing a new surtax on millionaires, to be included as a back-up. The proposal would slap a 3% surtax on individual incomes above $5 million.
As a staunch conservative, one of the few liberal ideas that I agree with is taxing the rich, but the Democrats are making a complete mess of all this.
1. The tax raise on the top individual rich from 37% to 39.6% is a joke. Under past Republican presidents from Eisenhower to Reagan, the top tax on the individual rich varied from 70-92%. This is closer to what multibillionaires ought to be paying, and is more like what I would advocate. Love to see Joy Behar, Whoopee Goldberg, Robert DeNiro, Steven Colbert, etc. riding the Democrat tax boosts.
2. Democrat screwup - I, and millions of Americans, don't support ANY tax hike on the rich (not even 1%), because of what the Democrats are doing and what they want to spend this these tax $$$ on. They are bringing MILLIONS of indigent foreigners into the country, with the promise that they will be taken care of by the government. Rent welfare, food stamps, medicaid, electric bills, free phones, free college, you name it.
Uh NO. And for what ? That's simple - so they can win future ELECTIONS, with all these foreigners voting for them.
So, let's get this all focused in one neat little nutshell. The Democrats want to raise taxes on the rich, for the purpose of financing their future political power, by ensuring they win future elections.
They have taken what was a fairly popular idea, and ruined it by linking US $$$ to the support of the world's poor. Stupid.
www.businessinsider.com
But let's look at the bill itself. The plan from Senate Democrats on Wednesday would tax roughly 700 of the nation's billionaires. Under the "billionaires' income tax," the wealthiest slice of Americans would see the skyrocketing value of their stocks and assets taxed.
Democrats wanted to raise the top individual income tax rate from 37% to 39.6%. Democrats are also proposing a new surtax on millionaires, to be included as a back-up. The proposal would slap a 3% surtax on individual incomes above $5 million.
As a staunch conservative, one of the few liberal ideas that I agree with is taxing the rich, but the Democrats are making a complete mess of all this.
1. The tax raise on the top individual rich from 37% to 39.6% is a joke. Under past Republican presidents from Eisenhower to Reagan, the top tax on the individual rich varied from 70-92%. This is closer to what multibillionaires ought to be paying, and is more like what I would advocate. Love to see Joy Behar, Whoopee Goldberg, Robert DeNiro, Steven Colbert, etc. riding the Democrat tax boosts.
2. Democrat screwup - I, and millions of Americans, don't support ANY tax hike on the rich (not even 1%), because of what the Democrats are doing and what they want to spend this these tax $$$ on. They are bringing MILLIONS of indigent foreigners into the country, with the promise that they will be taken care of by the government. Rent welfare, food stamps, medicaid, electric bills, free phones, free college, you name it.
Uh NO. And for what ? That's simple - so they can win future ELECTIONS, with all these foreigners voting for them.
So, let's get this all focused in one neat little nutshell. The Democrats want to raise taxes on the rich, for the purpose of financing their future political power, by ensuring they win future elections.
They have taken what was a fairly popular idea, and ruined it by linking US $$$ to the support of the world's poor. Stupid.
A tax on billionaires is up in the air as Democrats' top tax writers in House and Senate squabble over whether or not it's dead
The proposal that would target billionaires is out, Richard Neal told Bloomberg, but Ron Wyden told Insider: "I'm not saying that it's dead!"
www.businessinsider.com
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