VP Joe Biden Explains Marginal Income Tax to GOP

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.

More info: As Wages Dropped For Most Americans, Number Of People Making More Than $1 Million A Year Rose 20 Percent

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.

  1. #1 by Wyoming Cowboy on October 21, 2011 - 7:09 am

    This getting old and silly. Democrats just won’t accept that there will be no one paying revenue. It is political death to seriously propose it. The whole admin and Democrat party is over until it finds another reason for being.

    I remember warning progressives that obama would be the death of the Democrat party. Your faith in the faithless man has irretrievably wrecked the opportunities it had. Now there is nothing but cordoned off protesters advocating what the useless party should have.

    No one is listening to Biden, or anyone in the democrat party. They have shot their wad, and all we hear is their blubbering over the many misses of target.

  2. #2 by brewski on October 21, 2011 - 9:06 am

    Richard,
    Under this millionaire’s surtax, tell me exactly how much additional revenue will be produced from the income from municipal bond interest, the grant of stock options, life insurance proceeds, cadillac health insurance programs, loans from companies to the executives, as well as income shielded by second and third trophy estate mortgage interest and property taxes, among others.

  3. #3 by Richard Warnick on October 21, 2011 - 9:13 am

    I suppose one answer to Biden is, where were you in 2009 when Democrats had the power to repeal the Bush tax cuts and enact a millionaire’s tax?

    Now of course, the tax proposal is nothing more than Kabuki theater. Both of our corporatist parties are trying to blame the lack of jobs on the other party. President Obama’s bill is too little, too late anyway. Meanwhile, the Wall Street protesters have identified the biggest culprits.

  4. #4 by brewski on October 21, 2011 - 10:38 am

    Thank you for not answering my question.

  5. #5 by Richard Warnick on October 21, 2011 - 11:41 am

    You know the answer to your question. Taxes are levied on taxable income.

  6. #6 by Richard Warnick on October 21, 2011 - 1:48 pm

    UPDATE: House Majority Leader Eric Cantor was going to give us a lecture on income inequality today, but decided to cancel.

  7. #7 by brewski on October 21, 2011 - 1:53 pm

    Correct.
    So the answer is $0.

    So the answer to increase revenue is to redefine taxable income. In other words “broaden the tax base” and then lower marginal rates.

    In other words “the brewski plan”

  8. #8 by Larry Bergan on October 21, 2011 - 9:28 pm

    Oh man! That’s really disgusting.

    Steve Jobs has only been dead for a week and the top Republican leadership is using his memory to scold the 99%.

    Did Cantor get a call from Jobs’s wife?

    Actually, Jobs died at an interesting time. I’ve never seen anyone canonized in the media like that in my entire life. It was like newsrooms all over the country fell to the ground in relief that they could ignore the 99% and honor a CEO instead.

    Did anybody else get that impression?

    I have never, particularly, had anything against Steve Jobs, but I’ve never been able to afford his products. I always admired his dogged determination to perfect his products though.

    Did he deserve to make billions? No.

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