If you put a floor at their current marginal tax rate of 35%, the government would obtain $37 billion more dollars. That might sound like a lot, but it amounts to just 2.5% of the 2009 $1.5 trillion deficit (which is the red line shown). If you increase the floor to the pre-Bush-tax-cut marginal rate of 39.6%, the additional revenue grows a bit — to $66 billion, or 4.5% of the year’s deficit.
Senator Chuck Schumer, Democrat, N.Y. thinks the president’s plan to raise the taxes on households making more than $250,000 may require a special dispensation for New Yorkers.
After President Obama unveiled his totally new plan for the new plan for deficit-reduction that Americans hear about every other month, the plan that raises taxes on households that have an income of over $250,000, he flew to New York for a fundraising event (tickets were priced at $36,000).
A reporter, Marcia Kramer asked lawmakers from the New York region what they thought of President Obama’s tax plans. Most of the legislators were in step with the president, but Schumer stood up for his limousine Liberals. He supports the millionaire’s tax, but with caveats. He feels the $250,000 limit is unacceptable for the metropolitan area of New York, because of the high cost of living within the city.
Barack Obama has spared no effort attempting to shove the US towards a so-called “green economy.” The same green economy nearly bankrupted Spain and has been nothing but a miserable failure here.
China is now in the process of changing the sticker price of Obama’s green economy and they are sending it skyward. They are tightening control of rare Earth metals.
