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The Latest Millionaires Tax Is Proposed By A Republican

The Latest Millionaires Tax Is Proposed By A Republican

The Buffet Tax, a pledge to ensure that those who make their money off of investment income don’t pay a smaller share in taxes than those who earn it by working, has been decidedly unpopular with the Congressional Republicans.  But now a lawmaker is introducing a millionaires tax of his own.

His name in is Rick Crawford, and he’s a Republican.

The Arkansas Congressman is only in his first term, but he’s allies fast.  He’s proposing President Barack Obama’s millionaires tax, but only if Democrats agree to a balanced budget amendment in exchange.

“If we are going to take financial calamity off the table both parties will need to come together,” Crawford said in a statement. “Republicans have long championed a balanced budget amendment to force the federal government to live within its means. Democrats have pushed for new taxes on millionaires to address our debt. This reasonable approach can be the beginning of a new era in Washington where Congress puts the needs of the country first and stops burdening future generations of Americans with immense debt.”

His Republican colleagues are less than impressed by the deal. “The response thus far has been mostly negative with many conservatives calling for my head,” he told The Caucus. “I’ve had donors threaten to stop giving, and my staff has received a few acerbic e-mails. But this does not deter me because the alternative is economic calamity, taxes that will be much higher than they are today, and most likely a compromise that includes tax increases coupled with temporary spending cuts.”

So much for the beginning of a new era.

 

 

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Photo credit: revisorweb

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5:58PM PDT on Mar 21, 2012

The mega wealthy have been reducing their taxes for over 30 years as well as getting loopholes and other tax breaks not availableto the average citizen. See:

http://www.ntu.org/tax-basics/history-of-federal-individual-1.html

I'd like to see them pay at the same rate as in 1950 on their total income without loopholes or other breaks. Since companies deduct business expenses which includes employees' salaries paying at the higher rate would force them to either or both pay more to their employees and to the government. It would curtail their greed as well.

"It is one of the great paradoxes of history that
the 'Have Nots' tend to be satisfied when they get a little,
while the 'Haves' are not satisfied unless they get a lot."
Dr. Mardy Grothe


4:29AM PDT on Mar 20, 2012

Jo H, and others who are supporting a "balanced budget" AMENDMENT, WHY?? Who told you so??

First of all, we do not have a Deficit or National Debt (ND) problem in the US!! We have a JOBS problem!! A "balanced budget" AMENDMENT will only make the situation FAR worse. Few families have a "balanced budget" - they have to have mortgages, vehicle loans, credit cards and other kinds of credit. Farmers need crop loans, equipment loans; Businesses need similar.

Second, if you will notice and remember, the US only seems to have a Deficit / ND problem when Republicans are out of the White House. Yet, curiously, the past 5 Republican Admins have run up $15T of the $17T ND !!! $1T was still leftover when Reagan took Office - it is STILL there!

Those of you old enough to recall, will remember what a BIG problem Reagan claimed the $1B ND remaining from WW II was at the Time. We all thought he meant it was TOO much. It was on track to be paid off by 1983!! Yet, Reagan ran up ANOTHER $4T in ND and had set programs and policies in effect that caused another $5T to be run up under Bush41!!

Every Democratic Admin since WW II had paid down on the ND - plus Ike. Nixon-Ford left it higher. Then, came Reagan / Bush41 / Bush43!!

Still, Obama has "bent the curve" on Bush43's Spending ... we have a JOBS problem!! We need 26+ Million Americans back to work paying taxes and Deficits & ND will be reduced quickly.

Thirdly, few renowned American Economists advocate a "balanced budg

7:36PM PDT on Mar 19, 2012

A balance budget is the only way to proceed. Look at the success of the counties who have a balance budget compared to those who don't, and then speak up about which is better. I'm certain that you will find in having a balance budget on top of being the right direction to proceed. You may not like the cuts, but you must make them beginning with taking a lot from the all so unimportant programs working you way towards taking a little from the more important ones. There is no other way, that's is to say unless you like paying higher taxes.

2:03PM PDT on Mar 19, 2012

Gee, fair tax payments for the rich? Not popular? Can't imagine why not!

12:42PM PDT on Mar 19, 2012

Why are the poor and middle class getting screwed when WE have the majority of votes?

12:41PM PDT on Mar 19, 2012

He can look like a hero when he's really not. You can't undo decades of over spending in a year. It seems to me that the BUSH tax cuts are what destroyed our economy So let's get rid of them. http://www.yesmagazine.org/new-economy/no-more-budget-cuts-without-tax-fairness

10:09AM PDT on Mar 19, 2012

Demanding the federal gov't balance their budget doesn't make since. Look what happened in world war 2 when Roosevelt had to devout vast expenditures to fight Japan and Nazi Germany. If the US had to balance the budget we would be speaking German or Japanese.

the Balance budget amendment is a gimmick for the rich to not pay taxes and then cut vital government programs.

The rich have used our schools, roads, infrastructure, workers, etc,. to get rich. Now they turn around a selfishly don't want to give back to what caused them to be rich in the first place. These is trully greedy bastards!

9:02AM PDT on Mar 19, 2012

joseph b. reagan, papa bush and george w. bush all ran up massive debt while massively cutting taxes and refusing to cut spending on their pet programs without consideration for the debt they have saddled on our grand kids. this is really disingenuous. produce verifiable facts that the dems biggest voting block are welfare recipients. the wealthy don't create jobs fact is, the working class create wealth by preoducing the goods and services that make the 1% wealthy. any right winger accusing the left of hate and division and demonizing the opposition is the pot calling the kettle black, everyone who works or spends pays taxes. there are those of us of the 99% whose household income is still high enough that we pay fed income taxes. this just the same old false talking points that have been refuted over and over.

9:02AM PDT on Mar 19, 2012

Thinking ahead that taxes might be much higher in the future. Is the Congressman putting a time and percentage on this?

8:50AM PDT on Mar 19, 2012

interesting

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