President Barack Obama pressed for passage of his jobs bill, promising a boost in the economy in exchange for higher taxes on the wealthy.
Barack Obama
“Right now, Congress can pass a set of common-sense jobs proposals that independent economists tell us will boost the economy right away,” he said in his weekly Internet address on Saturday. “Proposals that will put more teachers, veterans, construction workers and first responders back on the job. Proposals that will cut taxes for virtually every middle class family and small business in America. These are the same kinds of proposals that both Democrats and Republicans have supported in the past. And they should stop playing politics and act on them now.”
Obama noted that the cost of the jobs bill would be offset through higher taxes on the well-to-do.
“These jobs proposals are also paid for by asking folks who are making more than a million dollars a year to contribute a little more in taxes,” he said. “These are the same folks who have seen their incomes go up so much, and I believe this is a contribution they’re willing to make. One survey found that nearly 7 in 10 millionaires are willing to step up and pay a little more in order to help the economy.”
Obama added that if Congress did not act, he would continue to use executive actions such as the ones he employed earlier in the week when he announced efforts to help borrowers with student loan and mortgage debt.
“These steps will make a difference,” he said. “But they won’t take the place of the bold action we need from Congress to get this economy moving again. That’s why I need all of you to make your voices heard. Tell Congress to stop playing politics and start taking action on jobs.”
9 Comments
Before president Kennedy the max tax rate was 90% (don't believe it? - look it up!!). If we let our legislative termites have their way, we'll be back there again! Rich people can time their income and structure whether it comes as capital gains or deferred with devices like 1031 exchanges. The rest of us will get the tax screwing. If rates get too high we will see an even bigger increase in the number of rich corporations and people leaving the country taking their money and jobs for employees with them. The only possible way to balance the budget is to cut spending.
Posted by: efhcpa | November 1, 2011 8:29 PM
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Millionaires self made. Very few are. Most have been appointed by a cozy Board of Directors ("you scratch my back and I'll scratch yours") and then are awarded salaries and bonuses by this same Board of Directors essentially without the approval of the real owners, the shareholders.
And of course there are the parasites, Paris Hilton come to immediate mind. who have do nothing and will continue to do the same, by accident of birth. And there are those who want to end the Estate Tax. What world are these people living in?
but why continue with this response, those living in their LA LA Land, will continue to do so, fantasizing that someday they to will be visited by Santa Claus and make their millions.
Posted by: Tedego | November 1, 2011 5:38 PM
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Obama is in full re-election mode. Nothing even remotely what he is proposing could happen before early 2013.
Posted by: colin@colincoopercpa.com | November 1, 2011 4:36 PM
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If as Obama says, seven of ten millionaires are willing to pay more taxes... let them. They pay a fortune to accountants to minimize their taxes... just stop doing that. Tell the accountants not to take every deduction they are entitled to, and voila, they pay more taxes. That keeps it voluntary. But the truth is, I don't think Obama's seven of ten figure has any basis in truth. That... is the problem. Where did that figure come from?
Posted by: jeneane1956 | November 1, 2011 4:24 PM
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Again we have what I call as "fuzzy" math!! The pay to teachers etc. is only for one year, and the payout will take 10 years!
Where will the states local governments get the money to keep these individuals on the payroll next year?
Posted by: Unknown | November 1, 2011 3:29 PM
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I think the issue should be Capital Gains and Dividends. There are some clients making $1 - $2 million on a W2 or K1 thats taxed at the top rate - 35%. Then you have "Trust Fund Babies" that have never worked a day in their lives and could make say $1 million in Dividends, why should they be taxed at 15%. I say leave the top rate at 35%, but eliminate the Dividend and Capital Gains tax rate. Also put a .01% transaction tax (so that would be $1 per $10,000) on Trading (eliminate some of the Computers i.e. the "flash crash" and Put Humans back in change -
Posted by: neparms | November 1, 2011 3:27 PM
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The top 1% or earners in this country paid over 38% of federal income taxes in 2008. Is that fair? Do you really think an Obama tax increase will make you life better? How did the $800B stimulus work out? Unemployment increased. http://www.heritage.org/budgetchartbook/top10-percent-income-earners
Posted by: JohnnyTax | November 1, 2011 2:12 PM
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It is not the governments responsibility to take care of everyone in this country. Less government will allow the economy to heal and grow stronger than it was before. Most millionaires are self made and have worked their behinds off to get their. Why should they be punished for planning to support themselves and their family THEMSELVES in the future and not have to depend on the government. Each individual in this country has to stand on their own two feet and take responsibility for themselves. The government cannot fix our problems, free enterprise is the only answer.
Posted by: skweinhardt | November 1, 2011 1:37 PM
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I am a hard working individual taking care of my mother since my father passed away 10/4/11. I live pay day to pay day. My mother's benefits are being cut due to my father's death. He retired from the military, Active duty for several years and then Reservist. He also worked for the Post office until retirement. Do I think millionaire's should pay more taxes? YES!!! People like my parents, me and now my children are the reasons they have so much money. Did they serve 30 years protecting the country? Did they live pay day to pay day their entire life? Without those of use that do the work at the bottom of the food chain they would not have all of their millions. What happened to taking care of the widows and children? Why should an 80 yr old lady have to be concerned about finances? Millionaires should pay higher taxes and give the rest of us a break. The worker bee needs to be taken care of.
Posted by: jakeryan | November 1, 2011 8:42 AM
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