Democrats Will Seek Smaller Millionaire’s Tax

In her article, Jameshia explains the competing ideas about upper class taxation. She explains what the bill that the democrats have proposed will do for our current state as a country. What do you think? Should they pass the bill? Is it unfair? Check out and post on her original blog: http://jalexander4ecspress.wordpress.com/2011/10/18/democrats-will-seek-smaller-millionaires-tax/.

By: Jameshia Alexander

Senate Majority Leader Harry Reid will announce Monday that Democrats will seek a .5% surtax on annual incomes over $1 million to pay for the first individual component of President Obama’s broader jobs package, which was rejected in the Senate last week. That component of the larger jobs bill would provide $35 billion in aid to states to help preserve jobs for teachers and first responders.The administration and congressional Democrats hope the slimmed-down bill – aimed at helping teachers and firefighters – will be difficult for Republicans to oppose, especially as the economy tumbles  and voters seek solutions from Washington. Reid will also announce he will try to pass the aid bill later this week, something that likely would need the cooperation of Senate Republicans because the Senate would have to set aside an appropriations bill that is currently pending on the floor.The new surtax proposal is a fraction of the 5.6% percent surtax on incomes over $1 million that Democrats originally put forward to offset the cost of the president’s broader jobs bill, which had a price tag of about $450 billion.

18 Comments

Filed under Uncategorized

18 responses to “Democrats Will Seek Smaller Millionaire’s Tax

  1. lhill4ecspress

    Jameshia, I really liked your article, but could you supply us with a link to the original article? Also, what’s your opinion? I think that yes a higher tax on those that make over a million a year makes sense, sort of; however, a lower one? I think not. That doesn’t make sense to tax a person LESS just because they make more money than the majority of us. Though this is outrageous, I don’t necessarily agree with the republicans’ idea of a higher tax on the upper class either. I feel that the tax rate should remain constant for all individuals and that the government should lower their spending and budget so that the money that we pay the government isn’t wasted. Because the debt is so high, the United States really doesn’t have any money to spend. We need to play this out so that the government pays back all of the debt, while still paying for what we NEED, not what we want. We NEED protection, clean water, etc. But, it is unnecessary for the government to spend money on programs that are no longer necessary or could become an independent service. Also, by lowering the national debt sufficiently, the government can cut taxes because they no longer would need such money to pay anything back, instead, they can put the money to good use funding programs and such that would continue to stimulate the economy.

  2. I think the surtax will help but i doubt it’ll pass.

  3. I agree with Liza, all people should be taxed equally. Millionaires do have more money to spend, and it would make sense that they would be taxed more, but they wouldn lose a lot of money if taxed for a large amount. Even they wouldn’t be able to survive such intense taxation.

  4. Pingback: Week 7 « lhillPortfolio

  5. I agree with Morgan. I think everyone should be taxed equally. Just because someone makes more money, doesn’t mean they need to be taxed more. Even though the wealthy have more money to spend, if they are taxed more, they will not have as much money to spend, and it might cause economic problems for them. However, .5% is much more reasonable than the original 5.6%.

  6. Pingback: Week 7 « tjanoskyPortfolio

  7. Pingback: Week 6 « dmunsonportfolio

  8. In my opinion, this tax is a step in the right direction. Seeing as the rich have more money, it makes sense to tax them more than those with less. A flat tax that would do enough to significantly affect the debt would drive many lower class taxpayers into poverty, but the richest 12% currently control over 60% of the nation’s wealth. Seeing as they have more money, it is only reasonable to expect them to pay more taxes. If anything, this 0.5% surtax is not enough, though anything more and nothing would induce republican lawmakers to pass it.

  9. Pingback: week 7 « mmckay4ecspress

  10. this is a well written article and this is good that this is going on but i agree with scotty and I’m going to say that its not going to pass

  11. I agree with Liza and Morgan. Everyone should be taxed equally. Maybe it’s not just that everyone should be taxed equally, but maybe the law should more heavily enforce paying taxes. Fox News said last year that around 50% of Americans won’t be paying their federal taxes. If everyone payed their taxes, I don’t think everyone would have to be taxed more and more.

    Link to Fox News Article: http://www.foxnews.com/opinion/2010/04/16/elizabeth-factor-mallory-factor-federal-income-tax-tax-day-americans-democrats/

  12. Pingback: Week 8 « ldunnaganPortfolio

  13. I think this is a little bit weird because the democrats usually are trying to raise taxes on the rich and lower them on the poor. I would also like to have a link to the original article so I can read more about why they are taking this strategy to pass this bill.

  14. Pingback: Week 8 summary | jstepka1portfolio

  15. Good point Jonathan, but, I think this is just the democrats trying to compromise with the republicans. They are still trying to raise the tax, just by less than they were trying for before. Since bills weren’t being passed and decisions weren’t being made, they must be trying to negotiate.

    I think Ezra makes a very valid argument. Richer people simply have more money, so it makes sense to tax them more! This bill is trying to increase tax on those with incomes over $1 million, therefore taxing only .5% of their incomes would NOT cause them economic problems. It would barely make a dent in their income! Therefore, I think we could even tax these millionaires by a more. What about the bible verse: “But someone who does not know, and then does something wrong, will be punished only lightly. When someone has been given much, much will be required in return; and when someone has been entrusted with much, even more will be required” Luke 12:48.

    We are TRILLIONS in debt, though, so we can’t expect taking these tiny percentages of these giant incomes to solve the problems. However, we can’t go to the other extreme and try to increase taxes so much that we really are causing economic problems.

    My point is that simply raising taxes alone cannot solve the national debt crisis.

    It is going to take a lot of work and a lot of hard decisions, and although it may be painful to cut spending, it seems like that may be necessary in addition to raising taxes. Since, again, we are TRILLIONS in debt.

  16. Good point Jonathan, but, I think this is just the democrats trying to compromise with the republicans. They are still trying to raise the tax, just by less than they were trying for before. Since bills weren’t being passed and decisions weren’t being made, they must be trying to negotiate.

    I think Ezra makes a very valid argument. Richer people simply have more money, so it makes sense to tax them more! This bill is trying to increase tax on those with incomes over $1 million, therefore taxing only .5% of their incomes would NOT cause them to have economic problems. It would barely make a dent in their income! Therefore, I think we could even tax these millionaires by more. What about the bible verse: “But someone who does not know, and then does something wrong, will be punished only lightly. When someone has been given much, much will be required in return; and when someone has been entrusted with much, even more will be required” Luke 12:48.

    We are TRILLIONS in debt, though, so we can’t expect taking these tiny percentages of these giant incomes to solve the problems. However, we can’t go to the other extreme and try to increase taxes so much that we really are causing economic problems.

    My point is that simply raising taxes alone cannot solve the national debt crisis.

    It is going to take a lot of work and a lot of hard decisions, and although it may be painful to cut spending, it seems like that may be necessary in addition to raising taxes. Since, again, we are TRILLIONS in debt.

  17. Pingback: Week 10 « hhooperPortfolio

Leave a comment