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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Sdgla who wrote (95776)	6/30/2011 5:04:14 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

WASHINGTON, DC (March 16, 2011) – Today Rep. Jan Schakowsky (D-IL), member of President Obama’s 18-member Fiscal Commission, introduced the Fairness in Taxation Act, which would create new tax brackets for millionaires and billionaires. Original co-sponsors include co-chairs of the Congressional Progressive Caucus, Rep. Raul Grijalva (D-AZ) and Rep. Keith Ellison (D-MN), as well as Rep. Jesse Jackson, Jr. (D-IL), Rep. Donna Edwards (D-MD), Rep. Bob Filner (D-CA), Rep. Jerry Nadler (D-NY), Rep. Steve Cohen (D-TN), Rep. John Yarmuth (D-KY), and Rep. Peter DeFazio (D-OR). Income inequality in America is the worst we’ve seen it since 1928. Wages have stagnated for middle and lower income families despite enormous gains in productivity. Where has all the money gone? “In the United States today, the richest 1% owns 34 % of our nation’s wealth – that’s more than the entire bottom 90%, who own just 29% of the country’s wealth,” said Rep. Schakowsky. “And the top one-hundredth of 1% now makes an average of $27 million per household per year. The average income for the bottom 90% of Americans? $31,244. It’s time for millionaires and billionaires to pay their fair share, which is why I introduced the Fairness in Taxation Act. This isn’t about punishment or revenge. It’s about fairness. It’s about avoiding budget cuts that harm middle class families and those who aspire to it. We can choose to cut education, job creation and health care, or we can choose to ask those who can contribute more to do so.” The current top tax bracket begins at $373,000 in income and fails to distinguish between the “well off” and billionaires – like the top 20 hedge fund managers whose average income last year was over $1 billion. The Fairness in Taxation Act asks enacts new tax brackets for income starting at $1 million and ends with a $1 billion bracket. The new brackets would be: $1-10 million: 45% $10-20 million: 46% $20-100 million: 47% $100 million to $1 billion: 48% $1 billion and over: 49% The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million. If enacted in 2011, the Fairness in Taxation Act would raise more than $78 billion. schakowsky.house.gov

To: Sdgla who wrote (95776)	6/30/2011 6:32:44 PM
From: tejek	Read Replies (1) \| Respond to of 149317

I think its time for additional proposals. So far Ryans plan is the only point of discussion... The entitlements will be bankrupt unless our elected leaders lead. How about Obama scolding Congress and then refusing to do his job ? The buck stops with the POTUS... unless your BHO. Clearly, you are getting your news only for Fox. The Dems have come up with trillions in spending cuts. What they are asking for is an increase in taxes to the rich.....pre Bush....in order to increase revenues. The Rs are refusing. They are intentionally being obstinate in order to hurt the American economy and improving their election chances next year.