X ` Man wrote:
On 12/5/11 7:54 AM, wrote:
On Mon, 05 Dec 2011 07:05:52 -0500, X ` Man
wrote:

Conservatives do have principles:

http://flickr.com/gp/hakr/u34Brg


There is one lie floating around about the payroll tax cut.

I have heard several times that a 3% surtax on millionaires would pay
for it and if you can believe the IRS, that isn not close to right.

From the IRS tax stats
http://www.irs.gov/pub/irs-soi/09in32tt.xls

Amount of tax
32,755,871,000
19,393,235,000
46,943,630,000
24,617,005,000
53,790,324,000

Income Level

$1,000,000 under $1,500,000
$1,500,000 under $2,000,000
$2,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more

Number of returns

46,741
20,561
29,928
7,404
4,916


Total tax from the1,000,000
180 billion (round numbers)
3% of 180 is 5.4 billion (using the definition of "surtax" when they
did it in the 70s)

How does that cover a $120 billion dollar tax cut?

Are they really saying they want to raise the marginal rate by 3%
Still won't come close to doing it.
They need to raise the whole tax bite by 66% going from $180B to $300B




The real issue is that the Republicans want to protect their
millionaire supporters from *any* substantive tax increases, even if
it means raising taxes for the middle class by doing away with the
payroll tax cut.

$1500 or so has meaning for middle income folks. It might pay for a
needed car repair, dentist trips for the kids, whatever. The
Republican whores would rather end that tax break for wage earners so
as to shield its clients from paying a bit more.

Payroll taxes are paid my the employer, not the employee. Reduced
payroll taxes help to add jobs, bozo.

-HB