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AP: Democrats Abandoning ‘Millionaire’ Tax

From a badly ticked off Associated Press:

Democrats abandoning millionaire surtax proposal

December 15, 2011

WASHINGTON (AP) — Democrats are abandoning their demand for a surtax on millionaires to help finance payroll tax cuts in a sign that lawmakers are trying to broker a compromise on Congress’ highest-profile year-end dispute.

You see, this is the first sign of compromise. The Republicans never compromise.

Even so, there is no clear path to quick bipartisan agreement on the legislation, which would prevent an automatic Social Security tax increase on 160 million workers and the expiration of jobless benefits for people out of work the longest. Both would occur Jan. 1 without congressional action.

Do you remember the AP ever calling the end of the Bush tax cuts ‘an automatic tax increase on the workers’? We don’t either.

Lawmakers are also embroiled in a squabble over a huge, separate spending bill, a dispute that would force a shutdown of most of the government on Saturday unless it is resolved. Neither party wants to risk the wrath of voters by shuttering government doors…

Harry Reid is holding the country hostage by threatening to close the government down right here at Christmas-time. So where is the media outrage?

Senate aides said top Democrats are writing a new version of the payroll tax legislation that would exclude a 1.9 percent surtax on people earning more than $1 million a year, a levy Democrats relied on to pay for their previous payroll tax cut bills. Instead, they said, their new legislation’s savings would include higher fees that government-run Fannie Mae and Freddie Mac would charge to back mortgages and revenue from selling portions of the broadcast spectrum.

Republicans minimized the importance of the Democratic retreat on taxing high-income people.

"I don’t think it’s much of a concession," said Boehner spokesman Michael Steel. "It never had any chance of passing the Senate, let alone the House."

This is of course the only reason the Democrats are considering withdrawing the millionaire’s tax. They can’t even get it through the Senate, which they still control.

But they and the news media will pretend that this is an heroic compromise on their part.

This article was posted by Steve on Thursday, December 15th, 2011. Comments are currently closed.

4 Responses to “AP: Democrats Abandoning ‘Millionaire’ Tax”

  1. Petronius says:

    Yes, but how many times do we have to kill this snake?

    The fallacies of Marxist redistributionist-economics have been exposed for well over a century. Yet again and again the Gorgon raises her ugly head.

    “It must be emphasized at the outset that those who promise great things from a transfer of income to the working class are the victims of an optical illusion. Large incomes attract much attention, but most people forget that given the small number of such incomes no particular benefits to the huge number of small income receivers could be expected to result from an equal distribution of the wealth. There would be all the less likelihood of such benefits –– and this is the decisive consideration –– inasmuch as a forcible transfer of this kind would lead to serious disturbances whose effects would be ultimately borne by the working class. Among the principal disturbances of such a wage policy would be a critical reduction of the economy’s supply of capital and a slowing down of investment activity with its consequent effects on employment opportunities. •  •  • [This] is not a devilish peculiarity of our economic system, but –– and this is true even of a socialist state –– a necessity based on fact.”

    Wilhelm Roepke, “Economics of the Free Society” (Austria, 1937), Ch. VII, sec. 2.

  2. Rusty Shackleford says:

    What’s also disturbing are the all-too-common cries from the left, national socialists about “the rich”. It’s an odd duck, to say the least…when prigs like Filthy Harry who are worth several million in their own right, scream bloody murder about “the rich” and how they are “hoarding” their money.

    In 1937 Germany…it was “the Joooooooooos! the Joooooooooooos!” which was the ultimate chant which started out as “the rich” and later became more zeroed in. In all preambles to a totalitarian uprising, they have to find an enemy to crucify. Obama has off-handedly picked corporate jet owners, bankers, wall-streeters, the rich, etc etc and every time it’s been a straw-man argument. But remember Stalin and Lenin and Mao and…of course that never-to-be-forgotten original of the 20th century, Uncle Adolph, the failed artist.

    But I think this nation will most likely not rally round the flag to rid itself of any one, particular group or groups. Even the stupidest American seems to understand that poor people don’t provide jobs. Class envy in this nation is a fool’s errand because….it’s been shown over and over and over in the case of (C)rap “artists”, pro affleets, and numerous other ways about how people of very ordinary and poor backgrounds have come into millions by exploiting their talent. There are books and movies about it all over the place. And..as has been said for a century, “Only in America could such a thing have happened.”

  3. xdannyh says:

    The last thing the demo(craps) want is for the repubs to actually agree to “tax the rich”. As pointed out it would raise a paltry amount of revenue and would deprive them of the issue to demagogue. I mean they want to run this issue all the way to the prez election..look at the mileage they are getting already.

  4. canary says:

    I’ve been confused over this for some time and feel the rich Democrats and Obama who stands to get very rich just did this all for show or it would have happened.
    And of course the rich aren’t going to contribute
    to the Democrats if they get pinched.
    It confuses me all the “fix the loop holes”.
    They get health care passed but this isn’t going to pass.
    Dems are just lining their pockets.

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