10-07-2011, 02:11 PM
I'm not against the Jobs Bill.
I do want it paid for.
However the numbers so far:
"... Now the exact figure is a 5.6% surtax, but for the purposes of simplicity, let’s just stick with 5%.
There are about 139,960,580 tax payers with positive AGI in 2010. Only 0.2% of taxpayers earn a million dollars or more, meaning that there about 279,921 households will be target with this wonderful new bash-the-rich surtax. Let’s assume that all of these households earn pretty much around the $1 million mark (because let’s face it, there are a lot more people earning close to a million than close to a billion). With a 5% surtax on $1 million, that comes out to $50,000 for every household -- assuming they earn $1 million – and that’s not considering any tax breaks that might get in the way. Multiply the number of households earning a million (279,921) by the surtax ($50,000) and you get 13,996,050,000… so about $13 billion. Hardly a dent in the $447 billion price tag of Obama’s jobs bill.
So then what?
Well this is somehow supposed to grow our economy and create jobs, right? From the Tax Policy Foundation:
The millionaire tax would still affect about 35 percent of business income, and at least 140,000 taxpayers that report this business income, according to the most recent IRS data. In 2009 there were 141,035 millionaires with income from partnerships or S-corporations, 39,662 with income from sole proprietorships, and 1,840 with income from farms … the income from these businesses represent about one third of total income for millionaires (those with adjusted gross income of $1M or more).
So much for helping small businesses and creating jobs."
I do want it paid for.
However the numbers so far:
"... Now the exact figure is a 5.6% surtax, but for the purposes of simplicity, let’s just stick with 5%.
There are about 139,960,580 tax payers with positive AGI in 2010. Only 0.2% of taxpayers earn a million dollars or more, meaning that there about 279,921 households will be target with this wonderful new bash-the-rich surtax. Let’s assume that all of these households earn pretty much around the $1 million mark (because let’s face it, there are a lot more people earning close to a million than close to a billion). With a 5% surtax on $1 million, that comes out to $50,000 for every household -- assuming they earn $1 million – and that’s not considering any tax breaks that might get in the way. Multiply the number of households earning a million (279,921) by the surtax ($50,000) and you get 13,996,050,000… so about $13 billion. Hardly a dent in the $447 billion price tag of Obama’s jobs bill.
So then what?
Well this is somehow supposed to grow our economy and create jobs, right? From the Tax Policy Foundation:
The millionaire tax would still affect about 35 percent of business income, and at least 140,000 taxpayers that report this business income, according to the most recent IRS data. In 2009 there were 141,035 millionaires with income from partnerships or S-corporations, 39,662 with income from sole proprietorships, and 1,840 with income from farms … the income from these businesses represent about one third of total income for millionaires (those with adjusted gross income of $1M or more).
So much for helping small businesses and creating jobs."