Joe likes the idea of extending the idea of whoever's rich to a million dollars! Of course, he does!

[flpoljunkie]

Republicans have lied about this for many years, and it is obvious that not only do they not intend to stop lying--they are going to double down, with the Bush tax cuts expiring at the end of this year. For a while the media was calling out the 'small business will be hurt by Obama's $250,000 tax cut threshold' lie. Obviously they need reminding once more that only 1.9% of filers with any small business income are projected to face either of the top two income tax rates!

First, critics charge that allowing the 2001 tax cut’s reduction in the top two marginal income tax rates for individual taxpayers to expire as scheduled would affect a large proportion of small-business owners. In fact, only 1.9 percent of filers with any small-business income are projected to face either of the top two income tax rates in 2009. By contrast, more than 14 percent of filers with small-business income claim the Earned Income Tax Credit (EITC) for low-income workers. Thus, strengthening the EITC could help more than seven times as many small businesses as reducing the top income tax rates.

http://www.cbpp.org/files/8-29-08tax.pdf

[stellanoir]

1. If there *must* be some kind of compromise

with these selfish-short-sighted dolts they maybe could settle on 500 grand.

Doubling it is more than enough.

Quadrupling it is a complete and total over reach and maybe it's someone else's turn to get humbled.

sheesh

[flpoljunkie]

3. Robert Reich suggested $500,000, the top 1%, because that's where the money is, the top 1%!

Extend the Bush Tax Cut to the Bottom 99 Percent, But Not The Top 1 Percent

WEDNESDAY, NOVEMBER 3, 2010

Expect the President to be under more pressure to give in to Republican demands that the Bush tax cut be extended to everyone — not just the bottom 98 percent but also the the top 2 percent, earning over $250K.

He should respond by offering this olive branch: Extend the Bush tax cuts to the bottom 99 percent — to families earning less than half a million dollars.

But not to the top 1 percent.

The top 1 percent now gets almost a quarter of the nation’s total income — a larger share than at any time since the 1920s. The top 1 percent have also received about 40 percent of the benefits of the Bush tax cuts.

The “Not for the Top 1 Percent” olive branch will draw a clear line in the sand. If Republicans won’t accept the offer, let them threaten to raise everyone else’s taxes in order to get a sweet deal for their patrons at the very top.

http://robertreich.org/post/1471662081

[stellanoir]

4. wows

Can't believe I actually could think like an economist.

Let's hope others think of it as well.

[Warren Stupidity]

2. re-introducing more upper brackets is a great idea!

we do indeed need to separate the Warren Buffets from the upper middle class when it comes to tax rates.