If you’re not boiling mad, you’re simply not paying attention.WSJ:
All of the details weren’t clear in media reports as we went to press, but it seems Mr. Reid’s surtax would raise tax rates on millionaires by five percentage points starting January 1, 2012, or less than four months from now. That’s a year earlier than the tax increases that Mr. Obama is proposing. So much for the President’s promise that “nobody is talking about raising taxes right now.”
Why is Reid suggesting this? Because, of course, it polls well with his base.
How this would stimulate a sluggish economy even under Keynesian economic theory is a mystery, unless you believe like Democrats apparently do that tax rates don’t matter to economic growth.
We doubt that’s how millions of small business owners will feel if they start paying a top marginal rate on their income—which they report through the individual tax code as Subchapter S companies—of 40%. That would rise to nearly 46% in 2013 under Mr. Obama’s other tax proposals (including deduction phaseouts), plus another 3.8% under ObamaCare’s tax increases on investment and payroll income. So Uncle Harry would take nearly 50% of everything they make. Who wouldn’t want to run out and hire more workers with that incentive?
Could it pass the House? Of course not. It’s not intended to do that. Harry Ried, and Obama with his “Pass This Jobs Bill Now” bullshit, are -during this time of serious economic peril- playing fucking politics.