Politicians criticizing this are an embarrassment to the country. Who do they think they're fooling with this BS? Republicans criticize tax on millionaires idea http://news.yahoo.com/republicans-criticize-tax-millionaires-idea-142959247.html WASHINGTON (Reuters) - Republican leaders on Sunday criticized President Barack Obama's proposal for a new tax on millionaires, calling it "class warfare" and predicting it will face heavy opposition in Congress. Obama is expected to propose a "Buffett Tax" on Monday on people making more than $1 million a year as part of his recommendations to a congressional super committee seeking long-term deficit savings. Paul Ryan, chairman of the House of Representatives Budget Committee, and Mitch McConnell, Senate Republican leader, said the proposal would limit growth and hurt corporate investment in an already stagnating economy. "It adds further instability to our system, more uncertainty and it punishes job creation and those people who create jobs," Ryan said on Fox News Sunday. "Class warfare may make for good politics but it makes for rotten economics." McConnell said Congress had already debated the issue last year, when Obama and Republicans forged a compromise that extended the reduced tax rates, approved during the administration of George W. Bush, for high-earners for two years. "It's a bad thing to do in the middle of an economic downturn," McConnell said on NBC's Meet the Press. "There is bipartisan opposition to what the president is recommending already." The "Buffett Tax" refers to billionaire U.S. investor Warren Buffett, who wrote last month that rich people like him often pay less in tax than those who work for them because of loopholes in the tax code, and can afford to pay more. Obama will lay out his recommendations in White House Rose Garden remarks at 10.30 a.m. EDT on Monday and is expected to urge steps to raise tax revenue as well as cuts in spending. MANDATE TO SEEK SAVINGS The super committee of six Democratic and six Republican lawmakers must find at least $1.2 trillion in deficit savings before the end of the year to avoid painful automatic cuts, and is mandated to seek savings of up to $1.5 trillion. Those savings are on top of $917 billion in deficit reduction agreed to in an August deal to raise the U.S. debt limit and Obama wants it to go further. The populist proposal for a millionaire tax would appeal to Obama's Democratic base heading into the 2012 election, setting the stage for a battle with Republicans over tax and spending priorities. "I just think that's a political move by the president," Republican U.S. Senator Lindsey Graham of South Carolina said of the millionaire tax on CNN's State of the Union. "When you pick one area of the economy and you say, we're going to tax those people because most people are not those people, that's class warfare," he said. Senator Dick Durbin of Illinois said on CNN that the proposal to raise taxes would be a good idea as long as it targeted "the wealthy and comfortable and those who wouldn't even notice it." Congress also is considering Obama's jobs-creation proposal sent to them earlier this month. Durbin, the No. 2 Senate Democrat, said a Senate vote on Obama's jobs plan would likely come in October.
Republicans criticize tax on millionaires Republicans criticize tax on the middle class and poor Oops! no they don't GOP Push For Tax Increases On Middle Class These people are ridiculous. No wonder the GOP is a laughing stock
Fixing the deficit is important, but not as important as making sure the wealthy keep all of their money.
The more I hear these cronies crying about "class warfare," the more I want to show them what class warfare would really look like.
Socialism, class warfare, trickle down economics, job creators, deregulation, balancing the budget when instead spending should be jolting up instead... I could go on about how voter ignorance of various economic terms like the above is making this country a kleptocracy/plutocracy. That the hypocrisy of many members of the GOP/Tea Party still allows them to hold office makes me worried for Nov 2012.
Dubya and the GOP said the tax cuts for the rich would give us more jobs. Economy tanked. Rich won't invest the capital, if there is no demand. There isn't any demand, when everybody else is too poor to buy your product. Then, Dubya and the GOP said we needed to give the rich more money, so they created the Troubled Asset Relief Program(TARP). The rich took the money and they never invested it in more jobs. Giving money to the rich is useless, if there are no consumers that can afford to buy their products. In the last 10 years, the only growth has come from luxury products(BMW, Porsche, Saks, Tiffany's). Thanks, GOP. Is it any surprise that the job creators won't hire anybody, even though they have been given billions? There is no demand from the everyday consumer, that is struggling to survive. The economy was better under Clinton with the higher taxes on the rich.
how do austerity budgets lead to economic growth, and increased hiring? I dunno. let's drown the government at historic low Treasury yields, and see what happens.
isnt it obvious, neither the dems or gop can figure out the countries problems, with nafta,little tariffs,and cheap workers overseas, there is NO WAY the usa can compete globally even if we produce smarter students through education,they will start their company in another country for cheap labor and increased profits we are screwed china wanted to defeat us years ago,they decided to do it financially,and make us poor, that way, without having to nuke us or war,they can rule over us with money.making us their b****. elect donald trump when he gets it if you want to correct the economy and quit voting for the party your familiar with. it hasnt worked so far,so its time to think outside the box.
Unreal, congress is out of control. They think its a bad idea because they'd all have to pay more themselves. Oh the pity.
Tax money goes for goods and services. The government uses the money to buy things like computers or office equipment. Office equipment and computers are made by people working at jobs. The government also uses tax receipts to hire teachers who work at the job of "teacher". See? It isn't hard to understand if you get past bumper sticker conservatism. Try it.
Its as if the money is conjured up from thin air . Take a second and think where the money is coming from.
Your party wanted a balanced budget or greater to pay off debts. wonderful. Great. Let's do it. So, how do cutting spending lead to increased hiring? Oh, you have no idea? Surprise!
Actually, most money is conjured up from thin air. Do you think the money in your bank account is actually backed by anything? Ever hear of the word fiat? It's not an automobile by the way.
No, he doesn't really care about a balanced budget. Either that or it's secondary to keeping the wealthy from being taxed, or secondary to opposing Obama.
You want to tear apart a country, create class warfare. The Rich are not paying enough, raise the taxes back to what they were under Reagan. DD
