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Millionaires and billionaires oil companies and hedge fund managers corporate jet owners for millionaires and billionaires were corporate jet owners oil and gas companies that are Macon.
Hundreds of billions of dollars an oil company or corporate jet owner of corporate jets for -- companies -- wealthy CEO hedge fund manager corporate jet corporate jet owner.
-- back to follow the money congressman Barney Frank wants to take a progressive step towards taking your money take a listen.
In the senate there was just a very partisan -- To put a surtax on income above a million dollars I'd like to go even lower but -- I want that would have been about progressive step.
Joining me now -- Americans for Tax Reform communications director John -- -- I think mr.
frank was alluding to.
Getting it down today at 250000.
Dollars a year or more eventually they're going to have to tax everybody I think guided -- to pay for some of the stuff.
Thanks Eric that's exactly right -- it's nice that congressman frank was so honest about the long term intentions here.
The proposal in the senate put forward by the Democrats as a five point 6% surtax on income over a million dollars.
Protect your small business -- now 80% of whom will be hit by this tax.
You're already paying a 35%.
Rate -- -- in the top -- marginal income tax rate.
In 2013 when this tax would go into effect this you have five point 6% today purity of 45 point two.
Then -- -- the 21 tax increases in obamacare was a Medicare three point 8% payroll surtax.
That brings you all the way up in two to 49.
And now at the of the state burdened state income tax burden you're looking at well into the fifties right right away -- 5055%.
In some state.
And that's that's funny I just pay for some of it take a listen to Joseph Biden from today talking about one.
Little piece of -- jobs acting it was.
-- -- -- -- -- -- -- -- The total cost.
For this portion of the jobs act.
Teachers firefighters and law enforcement officers the total cost can be paid for.
By eight point 5%.
On people whose average income is three million dollars a year.
You know it is is never -- -- -- of the Democrats never the other side of the equation how we cuts and spending it's always we're gonna spend but.
Here's how how we're gonna tax to pay for.
What they wanna do real Obama and and -- Ian Reid came in and they -- federal spending up to 25% of GDP.
They would like to lock lock -- in at that level permanently and so instead of talking about the failure of their stimulus they want the need to lock then and they need money.
So here in this way they use -- such as corporate jet owners quote the rich.
And so they need to get the camel's nose under the tent and and if we look back at history every tax that hits everybody now.
Started as a small tax that it hit quote the riskier -- a leader in the age or income tax are also with the back at eight united Spanish American war tax and by the way knew we -- still we need to keep an eye on any of these 999 plans or any of other sort of back taxes as well along the plant -- McCain but.
Very easy for congress to raise those numbers from 999 to 1212 while John country -- -- we to say that I gotta I gotta go I've got to get it out to the panel very quickly thank you Jon for your top.
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