This is priceless, but they asked for it. A millionaire’s surtax is merely a tax on the first dollar after $1 million in income, and every dollar on top of that. That’s how marginal income tax rates work. Republicans don’t seem to get that, so our Vice President decided to explain it to them.
“If you make $1.1 million, and God-willing this passes, you would pay next year, $500 more in taxes,” Biden said.
Biden claimed the average income of people who earn more than $1 million a year is $3 million. The jobs bill would cost a person making that much money $10,000 in 2013 — exactly one-third of one-percent of his total income.
“I say to the American people: watch your senator,” Biden said. “Watch him or her choose: Are you going to put 400,000 school teachers back in classrooms; are you going to put 18,000 cops back on the street, and 7,000 firefighters back into firehouses? OR are you going to save people with average income over $1 million a one-half of one-percent increase in tax on every dollar they make over a million?”
Of course, this lesson will fall on deaf ears. The Tea-GOP is going Galt, telling companies not to hire anybody until there’s a Republican in the White House.
UPDATE: And in the Senate tonight, the Party of NO said… no. They filibustered again. So state and local government will cut another 400,000 employees. In the last election, when the Republicans said it was all about “jobs-jobs-jobs” they weren’t kidding– they just forgot to say that their plan was to eliminate jobs!
UPDATE: House Majority Leader Eric Cantor was going to give us a lecture on income inequality today, but decided to cancel.