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Washington - President Obama to Seek Higher Tax Rate on Millionaires

Published on: September 17, 2011 08:59 PM
By: AP
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Washington -  President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president’s proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress’ deficit “supercommittee” to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Boehner said the panel has “only one option, spending cuts and entitlement reforms,” a reference to government benefit programs such as Social Security, Medicare and Medicaid.

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Any broad compromise that clears the bipartisan committee is almost certain to require Democratic agreement to savings from programs such as Social Security and Medicare, along with Republican acquiescence to additional revenues, although any such tradeoffs are rarely discussed openly until the last possible moment in negotiations.

Obama’s new tax proposal was first reported  by the New York Times.



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1

 Sep 17, 2011 at 09:12 PM Anonymous Says:

A million dollars is clearly a good income but no longer that rich. Many New York couples where both husband and wife work in banking, law or high tech companies easily make a million dollars annually but the costs of living here are also very high considering the cost of condos, yeshivas etc. Obama should focus his effort on the truly wealthy and not the upper middle class.

2

 Sep 17, 2011 at 09:16 PM Anon18 Says:

If its the "Buffet Rule", it should apply to billionaires, not millionaires. And the problem is, it starts off at a million and soon enough, it will apply to those "rich" folks making $150,000.

3

 Sep 17, 2011 at 10:07 PM Mike Says:

There he goes on again with the class warfare. Doesn't Obama think about ANYTHING besides confiscatory taxation?

4

 Sep 17, 2011 at 10:13 PM G-Bro Says:

Reply to #1  
Anonymous Says:

A million dollars is clearly a good income but no longer that rich. Many New York couples where both husband and wife work in banking, law or high tech companies easily make a million dollars annually but the costs of living here are also very high considering the cost of condos, yeshivas etc. Obama should focus his effort on the truly wealthy and not the upper middle class.

That's completely ridiculous. Anyone making a mil is very comfortable and well off, granted not wealthy. Even living in NYC or long island, you are in no way struggling. Please don't make any excuses for someone making a mil per year that he/she can't afford a bit more in taxes. The REAL issue is Obama's definition of wealthy at 250k for a family. Factoring in yeshiva tuition, mortgage, etc. you are able to pay bills but in no way even comfortable if living in Brooklyn, Lawrence, etc. I find your sentiment about how this is true for even a family making a million dollars annually to be way off the mark...and even insensitive to those frum families struggling financially.

5

 Sep 17, 2011 at 10:21 PM gabe_e12 Says:

For goodness sakes! Read the article! He wants to close loopholes that allow millionaires to pay a smaller percentage of their income than people earning less money. It doesn't say he wants to raise taxes on millionaires, it says he wants to make them pay the same percentage as middle income earners.
Tell me what you have against millionaires paying the same percentage as middle income earners.

6

 Sep 17, 2011 at 10:59 PM woofer Says:

Reply to #1  
Anonymous Says:

A million dollars is clearly a good income but no longer that rich. Many New York couples where both husband and wife work in banking, law or high tech companies easily make a million dollars annually but the costs of living here are also very high considering the cost of condos, yeshivas etc. Obama should focus his effort on the truly wealthy and not the upper middle class.

Are you kidding? People with $1 million annual income are 'struggling' in your shita?

7

 Sep 17, 2011 at 11:02 PM Anonymous Says:

Reply to #4  
G-Bro Says:

That's completely ridiculous. Anyone making a mil is very comfortable and well off, granted not wealthy. Even living in NYC or long island, you are in no way struggling. Please don't make any excuses for someone making a mil per year that he/she can't afford a bit more in taxes. The REAL issue is Obama's definition of wealthy at 250k for a family. Factoring in yeshiva tuition, mortgage, etc. you are able to pay bills but in no way even comfortable if living in Brooklyn, Lawrence, etc. I find your sentiment about how this is true for even a family making a million dollars annually to be way off the mark...and even insensitive to those frum families struggling financially.

Millionaires have become wealthy only because the Ebeshter made it possible for them have hatzlacha. For the government to tax away their money (as compared to having them voluntarily donate money to tzadakah) is going against the Ebeshter's will.

8

 Sep 17, 2011 at 11:26 PM Anonymous Says:

Here he goes again avoiding the real problem. He's trying to come up with ways to bring in more money rather than ways to cut back on spending. I think all of Washington is out of control!

9

 Sep 18, 2011 at 12:11 AM qazxc Says:

You guys are funny. If the Israeli government cut food, rent, education and medical subsidies you'd be yelling that they are anti-charaidi. When Rush demands the same thing and the Tea Party delivers you applaud.

10

 Sep 18, 2011 at 12:03 AM Anonymous Says:

Reply to #6  
woofer Says:

Are you kidding? People with $1 million annual income are 'struggling' in your shita?

Dear woof woof. No. 6 didn't say they were "struggling"...just that a million dollars doesn't go that far in New York City and is no longer such a big income in comparative terms. According to IRS and census data, the number of families earning over a million dollars annually has increased by a factor of three since the year 2000.

11

 Sep 18, 2011 at 02:28 AM Anonymous Says:

A million dollars doesn't go very far in the same way that a baseball diamond only has seating for 75,000 people.

12

 Sep 18, 2011 at 04:25 AM Anonymous Says:

Tax and spend; spend and tax; spend and tax; spend and tax. Give them more taxes and in a years time they are back for more. Enough is enough. Cut and let them live within their means; like the tax payers have to do. obama is looking for class warfare; because he is a marxist

13

 Sep 18, 2011 at 07:18 AM qazxc Says:

Reply to #10  
Anonymous Says:

Dear woof woof. No. 6 didn't say they were "struggling"...just that a million dollars doesn't go that far in New York City and is no longer such a big income in comparative terms. According to IRS and census data, the number of families earning over a million dollars annually has increased by a factor of three since the year 2000.

The number of people earning $1,000,000.00 a year has increased three fold in the last decade? Then we have three times more reasons to make sure they pay the same percentage of their income in taxes as the rest of us!

14

 Sep 18, 2011 at 09:46 AM Anonymous Says:

It's very easy to cut spending----stop all the wars in which the US is involved. Until that point, however, we must find ways to pay for them.

By the way, did you know that the Republicans want to lower the threshold for federal taxes? That is, those people who are making too little money to pay federal income taxes (although they pay state tax, local tax, social security and disability tax, and sales tax) are now being targeted by Fox News and the Republicans. I would prefer that someone making a million dollars (as mentioned in post #1) pay a few extra hundred dollars rather than the guy who's making $30,000 and trying to raise a family.

15

 Sep 18, 2011 at 02:30 PM PMOinFL Says:

Here's the real problem. Over the last 23 years or so we have opened up so many tax loopholes that apply to the "rich". Bush 41 started us down this path, affectionately called "trickle down economics". It said that if we give huge tax breaks at the top, they will hire more people and buy more 'stuff'. This was a complete 180-degree turn from Reagan's successful policies which followed the Keynesian Economic Theory which said that various taxes must be increased and decreased according to market conditions in order to promote stable demand. Clinton was also a Keynesian.

You'll note that by the time we finally threw Bush 41 out of office, he was well on the way to bankrupting our nation.

Sadly, Bush 43 was insisted on going down that same failed path, and we gave him 2 terms to successfully bankrupt our nation.

Rich people do not just hire people because you give them more money. That is a joke. Companies hire when they need more staff to meet increased demand. Rich people buy fancy vacation homes in St. Barts which creates NO demand at all. The MIDDLE CLASS use their tax breaks to buy stuff, creating huge DEMAND. That's the ONLY PROVEN way to create jobs.

16

 Sep 18, 2011 at 04:36 PM Herzog Says:

Reply to #7  
Anonymous Says:

Millionaires have become wealthy only because the Ebeshter made it possible for them have hatzlacha. For the government to tax away their money (as compared to having them voluntarily donate money to tzadakah) is going against the Ebeshter's will.

ha ha ha ha! That's the funniest thing EVER. Taxing the rich is going against God's will? Please tell me what you've been smoking, and if it's legal.

17

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