Senate Democrats’ plan would tax those making more than $1 million

[alp227]

Source: WaPo

The stalemated debate over the federal payroll tax holiday wore on Monday as Senate Democrats announced a slimmed-down proposal that would push rates even lower for millions of Americans next year. Meanwhile, President Obama used his White House megaphone to urge Congress not to leave town for the holidays without at least extending tax cuts that are set to expire at the end of the year.

But the Democrats’ latest proposal, worth $185 billion, would still be paid for in part by a new surtax on those making more than $1 million a year, the same plan that doomed earlier efforts.

The new levy led Republicans to block a $265 billion payroll-tax-cut bill in the Senate last week and is likely to lead to continued opposition when the new version is put to a vote, probably this week. Republicans said Monday that they continue to oppose cutting one tax by raising another on those they think are best positioned to spark job growth.

Democrats portrayed the new proposal as a form of compromise because the bill carries a smaller price tag and would be paid for in part with GOP proposals to ensure that wealthy Americans don’t receive unemployment benefits or food stamps.

Read more: http://www.washingtonpost.com/politics/senate-democrats-plan-would-tax-those-making-more-than-1-million/2011/12/05/gIQABCxvXO_singlePage.html

[castnet55]

1. What a waste

What a waste of time here. Senator Reid knows that the republicans will not pass the tax. Instead of all this politcal posturing perhaps they could really do something for the people.

[blueclown]

2. Such as?

Have any examples of bi-partisan legislation that could pass through this Congress?

[msongs]

3. well they can do nothing, let the triggers activate and bush tax cuts expire next year. better than

caving in to kiss republican butts yet again. multiple posts and data sets here and elsewhere on the internet show that doing those 2 things would be as effective as any other thing, and no sell out...again....required

[castnet55]

6. They could bring back jobs.

Well you ask what they can do: they could bring back into the system all of that cash sitting overseas for starters. I feel that if they allow it to come back with the stipulation that it has to be put into companies for job creation in order to receive a tax break. No jobs no free money.
Now with that said I don't know if perhaps that there isn't another 1000 ways to get jobs back to the states.
America deserves better from her elected leaders. This Grover guy with the republicans ought to be investigated very closely for starters and that may help the repubs to start rethinking their tax pledges. A relentless pursuit on his lobbying groups etc.

[DallasNE]

7. Under The Right Circumstances

I might buy into something along this line. For starters, there would need to be defined criteria regarding type of worker, how long they have to be retained in order to qualify, etc.

I wouldn't want to give Apple a tax break to hire more green card workers from India, for instance.

[sam11111]

4. LW think tank solution

Trickledown is a flop. The Golden Age is the other choice.
1945 - 1964.

http://www.ourfuture.org/blog-entry/2010041625/13-ways-90-percent-top-tax-rate-fixes-economy

[FarLeftFist]

5. Amazing how all the answers are right in front of our faces, yet no one is looking.

Good post Sam11111. Everyone is looking for a new idea or solution when all we have to do is look to the past for the answers.