Millionaire Surtax? Is That Better Than A Buffet Rule?


President Barack Obama is still traveling the country pushing his American Jobs Act and asking for bipartisan support, but back in Congress, many are still fretting over how to pay for the initiatives.

But Senate Majority Leader Harry Reid thinks he has an idea: a “millionaire surtax.”

The Democratic Senator is believed to be considering a 5 percent tax on millionaires, such as Democrats proposed during the health care reform battle.† The administration is ambivalent at this point, saying they will consider anything that covers the costs and ensures everyone pays their “fair share.”† But once again, the tax, which is expected to get broad support in the senate, would likely die over in the House, where Republicans are still insisting no taxes at no time.

And with Republicans already beginning to attempt political gamesmanship with the bill, such as Senate Minority Leader Mitch McConnell’s maneuver to attach it to the China currency bill in order to kill both measures at once, bipartisan agreement on any part of the package is starting to look more and more unlikely.

Should all millionaires pay an additional 5 percent tax?† Or should the tax rate be raised on investment income and capital gains, as it would be if the Buffett rule passes?† Or is there another revenue-generating solution out there that hasn’t been proposed?† Which do you prefer?

Related Stories:

Obama: Itís Not Class Warfare, Itís Math

Cantor Disapproves Of ďAll or NothingĒ Legislation Unless Itís All Things He Wants

Morning Mix: Boehner In Fantasyland


Charles Wasserman

Anyone who supports taxing wealthy people at a higher rate than the rest of the people is a supporter of discrimination.
Treating any class of people differently than the rest of society is discrimination.
Democrats in this case are supporters of discrimination.
Republicans are the party of fairness and equality.

Ann G.
Ann G6 years ago

We need a quick poll.

April Thompson
April Thompson6 years ago

Have them pay their fair share!

Cheryl Dare
Cheryl Dare6 years ago

marc r: Yes, it was Obama who tried to bail out the banks so they would spend more on the middle-class; only in their greed, they used that bailout money to give themselves obscene bonuses. It was actually the eight years of the shrub's tenancy where our economy slid south. Obama just happened to be in office by the time of the fallout. He did what he could and is still working on that with his universal healthcare bill and the jobs bill, which, of course every single hard-headed republican and tea-partier refuse to pass anything he suggests, refusing to see the harm they are doing. And blaming everything on the Democrats. The wars, and they were both totally unnecessary, were all started by the shrub and dug us $billions into debt. No, Obama didn't cause our troubles; he tries to right the problems he inherited from the previous administration. Frankly I think it is the GOP and tea-party who belong in jail for ignoring the country's best interests and being childishly stubborn over every little thing.

Patrick F.
Patrick f6 years ago

It amazes me how many people on this site want to kiss the ass of these millionaires. These millionaires would shoot you if you ever set foot on their property.

Tamara D.
Tamara Dreier6 years ago

@ David J - You're right. Raising taxes on the lower 98% (or 99 if you prefer) during a recession is insane. But that's not what is being proposed; which is asking the top 1-2% to pay their fair share. That is the opposite of insane. It is both rational and just.

@ John H. - No, we are "mad at the rich" because their relentless greed is destroying this country. Step away from the Fox News. It's rotting your brain.

john hall
john hall6 years ago

Jim G. your not looking for solutions your just mad at the rich because they have something you want . do you really think obama , reid , pelosi who are multi millionairs want to pay more taxes there feeding you bullshit they know what to say but they dont want to do it .

Bruce Van Tassell

Tax the rich feed the poor.

Vivianne Mosca-Clark

Why do we have to continue to find ways to get the rich to pay tax's?
They made their business by using the countries infrastructure. Roads, buildings, electric,water,garbage,phone lines. Then when they made their money they had big profits. By not having to build and set up the infrastructure that made their companies run.

Along with that , they then started to 'out source' the work. AND want to continue to do that. (there is three more countries they are trying to get into a NAFTA type contracts)

The ultra rich want it all and they don't want to pay for any of it.

I think it is funny Wall street people do not 'get' what is happening about the sit in . some did seem to enjoy the marching and singing in front of their building tho. They watched it happen while sipping champagne. Can any one say......." let them eat cake"?????

Nicholas Rudolph
Nicholas Rudolph6 years ago

The Rethuglicans should jump all over this, 5% is an absolute steal, literally. It would only be anywhere near reasonable if all, I repeat, all the tax loopholes and shelters are eliminated. Then it would be a very small step toward equality. It is move imperative that we lobby our legislators to get rid of the shelters and loopholes that allow bond traders to get millions in bonuses and pay minimal tax because of the stupid loopholes that were put in under Bush, genius (sarcasm). The theme for the OWS should be equality, that is all we want, if I have to pay 18%, then so should these scumbags that put us in the financial mess. And that is without the loopholes. Please people, make your voices heard.