Republican Freshman Calls for Millionaire’s Surtax

By: Thursday March 15, 2012 7:45 am

Breaking a united front in the Republican Party that goes back a number of years, freshman GOP Congressman Rick Crawford (R-AR) will unveil a millionaire’s surtax proposal today.

The Grover Norquist excommunication ceremony is scheduled for Tuesday.

 

Senate Republicans Block Second Dem Payroll Tax Cut Package

By: Thursday December 8, 2011 1:40 pm

Republicans claim to support the concept of extending the payroll tax cut for 2012, but oppose the pay-for in this bill of a 1.9% surtax on millionaires. JPMorgan Chase CEO Jamie Dimon already thought he was paying twice that much, according to remarks from earlier today.

NY Gov. Cuomo Reaches Deal to Raise Taxes on Rich, Responding to Demands of 99%

By: Wednesday December 7, 2011 7:07 am

In addition to the maneuvers aimed at raising taxes on the rich in California, in New York, where the process to raise said taxes isn’t as byzantine, state leaders have agreed in principle on a deal to increase taxes on the wealthy. And this is a reversal from a vow by Andrew Cuomo from earlier in the year to allow increased taxes on the rich to expire.

California Conundrum: Competing Ballot Measures on Taxes Could Undermine One Another

By: Tuesday December 6, 2011 10:15 am

Yesterday, Gov. Jerry Brown penned an “Open Letter to the People of California,” announcing his intention to go to the ballot in November 2012 with an initiative that would raise revenues by roughly $7 billion annually. But there are two other progressive tax initiatives and another for tax cuts sponsored by a billionaire. It could be a very confusing ballot next year

Full Details of New Payroll Tax Cut Legislation Released

By: Tuesday December 6, 2011 7:01 am

Democrats released the details of the compromise measure for the payroll tax cut, and there are basically three components to the pay-for for the legislation, which now only increases and extends the employee side of the payroll tax cut.

Senate Dems Provide Details on Smaller Payroll Tax Cut Package

By: Monday December 5, 2011 12:45 pm

Harry Reid plans to announce new terms for the payroll tax cut today, but while the overall size of the tax cut will be lower, and a few concessions will be made to chase Republican support, the bill will still be partially paid for with a surtax on millionaires.

McConnell’s Positive Words on Extending Payroll Tax Cut Ignores a Host of Issues

By: Wednesday November 30, 2011 7:00 am

It looks like a blink. Senate Minority Leader Mitch McConnell told reporters yesterday that “I think at the end of the day there’s a lot of sentiment in our conference, clearly a majority sentiment, for continuing the payroll tax relief that we enacted a year ago in these tough times.” But there are many hurdles to overcome before this comes to pass

CBO: Millionaire’s Surtax Would Pay for American Jobs Act

By: Monday October 10, 2011 1:45 pm

The proposed 5.6% surtax on millionaires, essentially the creation of a new tax bracket at the $1,000,000 income level, would raise enough money to pay for the American Jobs Act, according to the Congressional Budget Office. That pay-for will be used when the Senate attempts to pass a cloture vote this week on the bill.

Defining the Conception of Rich Upward

By: Friday October 7, 2011 2:20 pm

Taxes need to be completely re-thought through the lens of what it takes to pay for the things society demands. What’s a priority (the social safety net) and what isn’t (imperial adventures). Who can pay and who can’t. If Democrats guard the rich, or near-rich if your prefer, because $250,000 a year “does not get you a big home or lots of vacations or anything else that is associated with wealth,” you’re just not going to close to a level of revenue that allows for the national priorities.

Democrats Add Millionaire’s Surtax to American Jobs Act

By: Wednesday October 5, 2011 12:15 pm

Democrats have tweaked the pay-for on the American Jobs Act, making it a straight surtax on millionaires, rather than the other pay-fors on itemized deductions and closing the carried interest loophole. In other words, they altered a tax on the rich and turned it into another tax on the rich with a better slogan next to it.

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