Millionaire tax! America only for now, so the rest of you millionaires in other coutries are safe!!!

[Ail]

Kantor said:
This will never pass a Republican congress.

It's populism at its very worst. Obama understands that he's done a pretty worthless job as President so far, and he needs to drum up support from the left so they don't go vote Nader or something.

Not everyone is as wealthy as Warren Buffett. The top 0.5% of America is significantly richer than the second 0.5%. Most of the money paid in by these people will never be seen by them again in any form.

You can't force the very wealthiest people to pay exorbitant tax rates, because they will just refuse. They'll move elsewhere, or hire yet more people to find loopholes. The only "solution" is to lump the entire middle class together and say they have become rich on the backs of the poor, to say that the majority of Americans are entitled to more than they currently get. It's a fantastic method of control.

Should he let the Bush tax cuts expire? Absolutely. Should he increase tax further? No. Should he go into this massive song and dance about it? No.

He's not asking for them to pay exhorbitanty tax rate, he's asking for them to pay the same tax rate as the middle class, basically what he wants is an AMT for people making over 1 million $ a year. ( they pay less tax right now because the majority of their revenue comes from capital gains which are taxed less for long terms capital gains).

As for the argument that they will leave the country it's a fallacy. As a US citizen making over 100k a year you can not evade the IRS, even if you move to another country and give up your US citizenship...( US citizens are based on their worldwide revenue and if you make over 100k a year and give up your US citizenship you are considered to be trying to evade taxes and still pay taxes for the next 10 years...).

Besides if taxes were such a huge issue for those people they would already be switching states like crazy and they aren't.. ( because California rich pay more taxes than Floriday rich, but still California is the state with the most rich in the US...)

 

Still I got to give crtedit to the republicans. Getting people making under 50k a year to defend the taxes rate of people making over  1million/year is kind of an amazing feat......