Sorry, But The Republican Arguments Against A 'Millionaire's Tax' Are Just Preposterous

[WhiteTara]

http://www.businessinsider.com/millionaires-tax-2011-9

Henry Blodget | Sep. 18, 2011, 10:55 AM | 34,394 | 208



I'll say anything to suck up to rich people.

Image: AP Photo/Carolyn Kaster


The Republicans have had 12 hours to digest the news that President Obama plans to propose a "Millionaire's tax" on annual incomes over $1 million.


As expected, they're freaking out.

And if they had a good argument as to why such a tax was a terrible idea, we'd be happy to say so. But so far anyway, they don't.

Obviously, no one likes higher taxes. And it's no surprise that the potential target of higher taxes will squawk in protest as soon as the idea is proposed. But if the country is to begin to find a way out of its massive debt-and-deficit problem, it's important to separate the self-interested squawking from actual logic.

The Republic arguments against Obama's millionaire's tax boil down to the following:

[MichiganVote]

1. As were the claims of WMD in Iraq. The GOP lies all the time and have the PR machine to do it

[fascisthunter]

2. what a pathetically servile lot

groveling to at the table with the so-called cool kids... no conscience nor morals.

[Kennah]

3. Increasing evidence of Obama's 3D chess prowess

[Jefferson23]

4. K&R n/t

[indepat]

5. Do I understand correctly that capital gains, which comprise some 80%, is it?, of the income

of the wealthiest class, are not included? If so, wouldn't that special and so convenient if some 80% of the income of the wealthiest class continued to enjoy a much lower tax rate than paid on almost every extra dollar of income earned by most of the middle class. Now, just how special is that? Some shared sacrifice indeed, particularly considering the axe that is about to fall on Medicare et al. :patriot: