Washington – Schumer: Obama’s Tax Plan Is Flawed, $250K “Doesn’t Make You Rich” In NY

Washington – The battle is on over how to cut America’s staggering deficit, reports CBS 2’s Marcia Kramer.

The president’s plan calls for higher taxes on the rich and spending cuts in programs like Medicare and Medicaid.

The president’s plan would end Bush-era tax cuts on couples making more than $250,000 a year and institute a minimum tax on millionaires.

Under the proposal, families making $250,000 would pay and extra, $2,100 in tax. Those making $300,000 would see a $4,441 increase in their tax bill. Those making $500,000 would pay $7,388 more.

If you make $1 million, the tax bill goes up $51,389.

“It’s only right that we ask everybody to pay their fair share,” the president said.

Kramer asked our area politicians how they felt. Senators Charles Schumer of New York,

Schumer said the $250,000 limit is unacceptable since it will hit the metropolitan area disproportionately because of the high cost of living here.

Two-hundred-and-fifty-thousand dollars makes you really rich in Mississippi but it doesn’t make you rich at all in New York, and there ought to be some kind of scale based on the cost of living on how much you pay,” Schumer told Channel 2’s Marcia Kramer.