Biden Takes Senate Republicans To School On Tiny Millionaire’s Surtax (updated)

[ProSense]

Biden Takes Senate Republicans To School On Tiny Millionaire’s Surtax

Brian Beutler

One reason you can expect unanimous Republican opposition to Senate Democrats' latest jobs bill Friday is because it includes a tax -- a 0.5 percent surtax on income above $1 million starting in January 2013.

That would raise enough money over the next 10 years to cover the $35 billion cost of hiring and retaining about 400,000 teachers and emergency responders next year -- but for Republicans, it's not worth it.

"This is the worst possible way to promote economic growth and job creation," warned Sen. Jon Kyl (R-AZ) -- the Senate Minority Whip, and member of the joint deficit Super Committee.

Enter Vice President Joe Biden, who at a Capitol Hill rally on Wednesday provided a lesson on just how modest the tax is.

"You have a one-half of one-percent surtax on the 1,000,0001th dollar -- in other words it doesn't affect anybody who makes $999,000, it doesn't affect anybody making $999,999 -- and if you want to find the guy who make $1,000,0001, it only affects that $1. That's the only thing the rate goes up on," Biden explained.

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It's not class warfare, it's math!

Updated to add this from Steve Benen:

If all goes according to plan, the Senate will consider an extremely worthwhile jobs bill tomorrow. It’s a pretty straightforward effort: the Obama administration would be able to save or create 400,000 jobs through state aid, boosting teachers, police officers, and firefighters. It would be paid for, not through the kind of deficit financing Republicans pushed in the Bush era, but with a 0.5% surtax on millionaires and billionaires.

<...>

And the point is, these folks can afford it. What we, as a country, can’t afford is to let 400,000 teachers, police officers, and firefighters stay at home rather than work.

As for Biden’s remedial lesson on taxes, it’s painful to realize how necessary it is, since far too many folks — including many Republicans — still don’t understand how marginal rates work.

It may not matter to GOP policymakers, of course, who’d apparently kill any jobs plan that asked for an additional penny from the rich, but at least they should go about undermining the economy with their eyes open.

[gateley]

1. How many PEOPLE, Joe?

Honestly, it would make more sense (to me, anyway - really hit home) if they said

"1,000 people in the entire COUNTRY pay X% in income tax. 300 MILLION of us pay X%."