New York (CNNMoney) - If Senate Democrats have their way, millionaires and billionaires will pay more in taxes for President Obama's jobs bill. How much?
Answer: $110,467 a year.
Go get them......
"would add a 5.6% surtax on modified adjusted gross income over $1 million."
In other words, if you make exactly $1M, you pay ZERO additional tax, not an additional $110K. Your lede is grossly MISleading, CNN...no doubt on purpose.
A step in the right direction. Remember at least 75 % of Americans are with you.
They have to rally the left wing loons somehow. There is a better chance of Obama doing something useful that this even getting out the Senate and the House would use it for kindling.
I bought my first home because of the President program. Then lost my job nearly lost my home but got to keep it because of the Presidents programs. I got a new job making less than my first one but I spend more now than I did at my previous job. Why I spend strategically and still contribute to my 401K and my saving also. If I can so can millionaire.
Tax more...grow the government...tax more...grow the government... Obama's plan has America swirling ito a dismal future where the economy never has a chance to recover. Is it 2012 yet?
Every wall street banker should spend a year picking field crops.
Then they would understand that making money involves hard work...not just figuring out ways to defraud people of their savings.
When the democrats go after their good ole buddy G E then I'll listen to Hippy Harry and Obammy's plan.
The Democrats say "millionaires and billionaires" for now, but in time they will go after all to get money in their greedy little hands. After they're done with these millionaires and billionaires they'll work their way down the food chain and and go after us ALL.....well, I'm sure they still won't tax the 47 percent in the country that pay no taxes. That would be the fair thing to do.
So working backwards from your article, $110,467 divided by 5.6% surtax rate equals $1,972,625.00. Since there is no surtax on the first million, that means that someone with an AGI of $2,972,625.00 would pay $110,467. Is that what you are attempting to say? That would indicate that the statistical mean of those with AGI over $1,000,000.00 is $2,972,625.00. If one believes in a progressive tax system and one believes that we must pay our debts, it sounds fair to me. In fact, until the Great Recession, I would easily be in that group that made the $250,000 that everyone seems so upset about. Even that seems fair. We are in terrible economic times. The various proposed taxes only fall on those who are making money. My ONLY complaint is that I am no longer in the group that would be taxed at the highest rate. As a tax law professor friend once told me, "be happy that you are paying taxes, it means you made money".
If I calculate this right, that means the average taxpayer subject to this tax makes $2.97 million per year. Most rich people have a net worth much higher than their annual income, so this tax will only impact the mega rich. I can hear them whining already.
CNN is another crony capitalist-controlled media. It is most certainly not "liberal." This tax is supported by 2/3 of America, included self-professed "Tea Party" members. Notice how when average Americans rally around something for the common good, the ultrarich seek to control the reporting and the narrative. They also try to create divisions among the people to distract us from our common enemy that has corrupted our government and once-great version of capitalism.
On adjusted gross income...after exemptions, deductions and loopholes.
they should only if they are giving to others they need to give to people that do not have $ SO I THINK THAT ITS RIGHT
@Sniffit – You are correct, CNN has a way to NOT tell it all and/or distort what is the truth. They do the same with their headlines; the story is always different.
go get them, tax the rich, all these times, they ate like pigs....tax them....o.k, god bless you Harry.....