Sizing up the millionaire tax
October 6th, 2011
05:36 PM ET
3 years ago

Sizing up the millionaire tax

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.

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Filed under: CNNMoney.com • President Obama • Senate Democrats
soundoff (16 Responses)
  1. jane

    Go get them......

    October 6, 2011 05:46 pm at 5:46 pm |
  2. Sniffit

    "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.

    October 6, 2011 05:47 pm at 5:47 pm |
  3. rs

    A step in the right direction. Remember at least 75 % of Americans are with you.

    October 6, 2011 05:56 pm at 5:56 pm |
  4. Abe

    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.

    October 6, 2011 06:21 pm at 6:21 pm |
  5. MTATL67

    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.

    October 6, 2011 06:24 pm at 6:24 pm |
  6. Four and The Door

    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?

    October 6, 2011 06:36 pm at 6:36 pm |
  7. Brad Naksuthin

    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.

    October 6, 2011 07:23 pm at 7:23 pm |
  8. WIlly Brown

    When the democrats go after their good ole buddy G E then I'll listen to Hippy Harry and Obammy's plan.

    October 6, 2011 07:53 pm at 7:53 pm |
  9. Kathy

    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.

    October 6, 2011 08:01 pm at 8:01 pm |
  10. SouthCarolina

    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".

    October 6, 2011 08:17 pm at 8:17 pm |
  11. Mikey

    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.

    October 6, 2011 08:29 pm at 8:29 pm |
  12. Anonymous

    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.

    October 6, 2011 08:43 pm at 8:43 pm |
  13. Brian

    On adjusted gross income...after exemptions, deductions and loopholes.

    October 6, 2011 09:06 pm at 9:06 pm |
  14. Mary Kay

    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

    October 6, 2011 09:43 pm at 9:43 pm |
  15. T'sah from Virginia

    @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.

    Obama/Biden 2012

    October 7, 2011 12:44 am at 12:44 am |
  16. diridi

    go get them, tax the rich, all these times, they ate like pigs....tax them....o.k, god bless you Harry.....

    October 7, 2011 08:53 am at 8:53 am |