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Entries in Millionaires Tax; GOP; Jobs Bill Revision (1)

Thursday
Oct062011

GOP Says Jobs Bill Revision Is a "Gotcha Tax Hike" 

Hemera/Thinkstock(WASHINGTON) -- Calling the Democrats' revision of President Obama’s job bill a “gotcha tax hike,” Senate Minority Leader Mitch McConnell, R-KY., railed against the millionaire’s tax Democrats wish to include in the American Jobs Act.

“We will not stand for a permanent tax hike or a temporary stimulus that is largely a rehash of the same stimulus ideas the administration has already tried,” McConnell said on the Senate floor Thursday morning.  “This bill is the same wasteful spending, the same burdensome union giveaways and the same temporary tax policy that has failed the American people in the last two years.”

Overnight, Majority Leader Harry Reid’s office clarified the Democrats' revision and tax proposal. The surtax on millionaires would take effect in 2013, not 2012, and the rate also changed from 5% to 5.6%.

“The new Democratic tax hike would take effect in a little over a year when CBO tells us the unemployment rate will still be well over 8%,” McConnell said. “How can anyone be expected to make plans when the next gotcha tax hike to pay for this president's spending binge is always lurking right around the corn center the president said it's wrong to raise taxes in this weak environmental environment.”

Democrats say that this will only apply to 1% of Americans—and that 99% of Americans would not be affected. The surtax would apply to wages and salaries, interest, capital gains and dividends.

“For those who are the very wealthiest -- and this is no aspersion to them,” Senator Schumer, D-NY said.

“They are the one segment in society whose income has increased significantly overt last decade, and the kinds of cuts we must do.”

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