They didn’t earn the label “tax and spend Democrats” by proposing tax cuts and responsible government, did they?
Democratic senators say they have been fighting on the defensive, scrambling to protect social spending — such as that for the Women, Infants and Children nutrition program, Planned Parenthood and NPR — from GOP-proposed cuts.
Democrats want to take the offensive and propose higher tax rates for millionaires, companies that move factories overseas and wealthy people who make charitable contributions.
So in order to protect the not very honest folks at Planned Parenthood and the downright biased folks at NPR, the Democrats are proposing a surtax on millionaires.
“There’s no reason why we should not have a surtax on millionaires,” said Levin. “The upper 1 percent has doubled their share of national income. They’ve gone from 8 percent to 17 percent, and middle-income people have taken a big hit.
“It’s fair that there’s a surtax on millionaires or that we not extend the upper brackets that the Bush administration got [for wealthy families],” Levin added.
That’s some great logic there — “There’s no reason why we should not have a surtax on millionaires…” How about “Because it’s not your money.” Or how about taking a look at what happened in deep blue Maryland when it tried imposing its version of Soak the Rich a couple of years ago. The millionaires disappeared. That tax worked so well that Maryland, deep blue Maryland, ended up scrapping it because it actually cut state revenue.
But go ahead, Democrats. Defend every last penny of discretionary spending while proposing big tax hikes. You’re writing the GOP’s commercials.
I find myself agreeing with these tax vampires – almost. I propose that there be a tax levied on college endowments valued at over 10K per current student enrolled. Similarly, family foundations that are not purely charitable [i.e., which employ family members or provide benefits such as housing, education, and transportation to same] should be taxed.
We can start with a flat [no deductions] patriotic-duty tax of 30% of current value, followed by taxing income [including received donations] at personal-income rates.
I suspect this would either a) contribute significantly to reducing the deficit and/or b) cause many democrats to reconsider tax-and-spend.
I wonder how much money would be raised by requiring that all campaign funds be handed to the Treasury after the election. Oh, sure, future elections would see every penny spent, likely to pay relatives as “consultants”, but watching the current crop loose their slush funds would be a hoot.
It’s easy for them to propose taxing millionaires since congressional millionaires seem to be exempt form taxation . . .at least until they get caught.