Tax hike for millionaires could break impasse on fiscal cliff - Indiviglio
Monday, November 12, 2012 - 02:03
Reuters Breakingviews Columnist Daniel Indiviglio says letting Bush era tax cuts expire for millionaires, which preserving them for people making less, could be a path to compromise for Democrats and Republicans confronting a ''fiscal cliff'' of tax hikes and spending cuts on December 31.
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The big sticking point is about taxes of Poland's honoree is actress and anyone. Democrats including President Obama wants to raise taxes on the wealthy. What what I've suggested is that'll be a really good idea to just hit millionaire's tax I got some IRS data from 2010 -- crunch some numbers I found that. If you just isolated to those with incomes over one million vs all of them from 250000 or above. You only actually lose 13 of the revenue by just isolating -- to that million dollar income threshold you still get about 250 billion dollars over. Ten years which is sort of a drop in the bucket but it will -- that sort of symbolic effort that Democrats want where. There's got to be -- very wealthy people. And Republicans might be able to kind of handle because it takes two million people out of equation instead of taxing something like 2.4 million people -- The only tax of 50000 people aren't fortunate intensity sort of the -- number that it would -- there's a broad -- deficit reduction of its next year so. That's what 116 at a huge number but you can also have other revenue measures like the kind of Boehner said he would at least. In terms of symbolism it kind of both sides feel when they got something that -- something -- it seems like the one billion dollar threshold. -- Are growing debt. It cost us jobs can do serious damage to the economy has gotten so out of hand. It sparked a crisis without precedent in my lifetime reviewers. All of this antics and grandstanding is just simply not working. Polls show overwhelming. That voters want the two sides compromise it. Everybody is on the same page wants the same thing Republicans and Democrats we should figure a way. To get together and make it happen. -- -- Served us so bravely.
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