REICH: The President's Opening Bid in a Grand Bargain: Aim High

[grahamhgreen]

"First, raise taxes on the rich... – and by more than the highest marginal rate under Bill Clinton or even a 30 percent (so-called Buffett Rule) minimum rate on millionaires. Remember: America’s top earners are now wealthier than they’ve ever been, and they’re taking home a larger share of total income and wealth than top earners have received in over 80 years. Why not go back sixty years when Americans earning over $1 million in today’s dollars paid 55.2 percent of it in income taxes, after taking all deductions and credits? If they were taxed at that rate now, they’d pay at least $80 billion more annually — which would reduce the budget deficit by about $1 trillion over the next decade. That’s a quarter of the $4 trillion in deficit reduction right there."

A 2% surtax on the wealth of the richest one-half of 1 percent would bring in another $750 billion over the decade. A one-half of 1 percent tax on financial transactions would bring in an additional $250 billion.... Raise the capital gains rate to match the rate on ordinary income and cap the mortgage interest deduction at $12,000 a year, and that’s another $1 trillion over ten years. So now we’re up to $3 trillion in additional revenue.

Eliminate special tax preferences for oil and gas, price supports for big agriculture, tax breaks and research subsidies for Big Pharma, unnecessary weapons systems for military contractors, and indirect subsidies to the biggest banks on Wall Street, and we’re nearly there.

End the Bush tax cuts on incomes between $250,000 and $1 million, and — bingo — we made it: $4 trillion over 10 years."

http://www.nationofchange.org/president-s-opening-bid-grand-bargain-aim-high-1352815161

AIM HIGH. It's negotiating 101, duh.

[socialindependocrat]

1. He is so Reich! He always Makes soooooo much sense!

Now, the wealthy have accumulated money over the past 30 years that they have invested
and from which, they collect income and will continue to do so. This is more money that they would have accrewed if they had paid their employees reasonable wages for the past 30 years.

All we are asking is to pay a more reasonable rate on future income.

I also, believe that the money one earns by sweat and hard work should be taxed at a lower
rate than the money earned by investing. Reason: you only have so many hours in the day and so much energy. But after you earn enough money to invest, all you have to do is invest it and
you make money without expending very much energy. (Take Romney and his $20M this year).
Romney earned $20M while he was on the campaign trail!

[grahamhgreen]

3. Agreed! Also, many people have dangerous jobs that can cost them their own

blood and treasure.

WHY should people who only risk money be paying less in taxes than those who risk their lives?

It makes no sense at all (except to the corrupt).

[MannyGoldstein]

2. Reich is an unrealistic Firebagger and increasingly irrelevent

We all know that the President's opening position is *only* his opening position. From there, he'll gain even more ground. By the time Obama's done, the final package will look EVEN BETTER than what Reich's calling for.

Regards,

Third-Way Manny

[grahamhgreen]

4. His opening position is a lame attempt at reconciling the R's position,

no Dem should be arguing the Republican position for them, should they?

[Bill USA]

5. RIGHT! IOW Don't open with your objective position!!