Erin Burnett: Millionaire Surcharge(s)?

Here’s a little bit of a quickie to make up for all those missing updates a week ago.

Watching Erin Burnett on CNN yesterday, she was talking about a congressional plan to fund the payroll tax deductions with a millionaire surcharge.  I.e. anyone who makes over 1 million dollars will pay a flat-rate tax on every dollar they make after they hit the 1 million mark.

Generally each plan who suggests this is a 1 or 2 cent surcharge, per dollar.  So that means that if you make 4 million dollars a year you pay the regular tax rates on your first million, then you pay an additional 1 cent per dollar on everything else.  So of the remaining three million, you’d end up paying an extra $30,000 with this surcharge.

I don’t know about you, but if I’m making 4 million a year, I’d be willing to pay an extra 30 grand, myself; if it meant that social services in the country I live in will cease to function if I don’t.

What brings this all up is Ms. Burnett’s comment on the plan.  She said (not verbatim, but as close as I can recall), “I hear this millionaire surcharge plan come up a lot.  Now if everyone who suggested it got their way, there’d be like…20 surcharges on millionaires.”
She’s right; but you know what?  I’m okay with that.  If we assume that each surcharge is for the greater amount of 2 cents per dollar that means that each dollar a multi-millionaire income maker brings in would get a 40 cent surcharge.  So using our example, they’d end up paying $1,200,000 in surcharges.  It’s basically a 40% tax, admittedly on top of the 15% tax they’re already paying for a total of 55% effective tax rate.

And quite frankly, if you have a personal income of 4 million dollars…I don’t really mind you paying that much in taxes, to be totally honest.

Ron Paul For…Real?

Sorry for the late-night update, instead of my usual morning updates.  I figured I’d give you folks something now, rather than tomorrow morning.

With the rising of Ron Paul’s poll numbers I feel it time to speak about Ron Paul.  But first let me talk about my feelings on the GOP candidates as a whole: I never liked Mitt Romney, Rick Perry, Newt Gingrich, or Michelle Bachman; at least not as a Presidential candidate.  I have to admit that Mitt Romney and Rick Perry seem like great guys to hang out with, especially Perry, but I don’t like them to run my country.

I did like Herman Cain because he was trying to do something different; I’m not sure if it would have worked, but it was something different.  And different is what we need.

Now before I go too much further, let me add that I voted for John McCain in the last election.  If for no other reason than because I wanted him for the past two elections and they kept giving me Dubya.  And yes, I supported Dubya…mostly because I couldn’t stand his competition.  Gore was a hypocritical profiteer and Kerry was a horse-faced liar who couldn’t even keep his lies about his service in Vietnam straight.

That being said I would have voted for the Republican even if they hadn’t finally run McCain, because I never liked Obama.  If they had run Hillary, instead…now we’re considering possibilities.  I liked Clinton, he may have been a philanderer but he was a pretty good president.

I often agree with pivotal Democrat policies and ideologies, but I generally favor Republican candidates for President.  I like to refer to myself as somewhere in the glorious, sensible Middle.

Now with all that out of the way, let’s finally talk about Ron Paul.  I like Ron Paul…I liked him last time, I liked him the time before…I’ve liked him ever since I saw him on The Tonight Show with Jay Leno a few elections back.

Why do I like Ron Paul?

We’ve had a lot of bat-shit crazy candidates, a few bat-shit crazy presidents, too.  But they all come out saying, “Look; I’m sane, I’m sensible, I’m going to do things in a progressive, but moderated manner.  Vote for me.”

Not Ron Paul, no sir!  Ron Paul walks out, shakes your hand, says, “Hi, I’m Ron Paul and I’m bat shit crazy.  Vote for me.”

And I like that.  Even if I don’t agree with Ron Paul’s views, I just like the honesty of his approach.  He doesn’t flip-flop for votes, he’s a steady constant bat shit crazy; he doesn’t pander, he just tells you what his bat shit crazy ideas are and how they will benefit you; and he doesn’t wag about like he’s entitled to the presidency, he just asks you to exercise your right to put his crazy ass in the Oval Office.

Add in the fact that I like a lot of his ideas, and I’d argue you have my chosen candidate.

How crazy is he…?

Long before Rick Perry or Herman Cain made a big deal about Flat Taxes, Ron Paul was talking about them.  Over a decade ago, I’d reckon.  So he’s progressive, right?  But what makes that idea so crazy?  Simple.  Herman Cain wanted a 9% flat tax rate (plus 9% Sales tax, so closer 18%), Rick Perry wanted 20%, but Ron Paul wants 0% income tax.

Now I’m not going to lie…that benefits a rich person more than me.  Because he pays 17% tax on a million dollars of income (I wish I could get those millionaire deductions!) and I pay 15% on about 30 thousand dollars of income between my fiancé and me.

Sure he saves $173,000 in taxes and I only save $4,500.  But you know what?  I could really use that extra $4,500 a year.  If I made a million dollars, I wouldn’t care much about one or two hundred thousand!

If we can believe the Republicans that the wealthy create jobs when they have excess money, then the millionaire can hire 5 of my wife and I each year with what he’ll save.  And my wife and I can finally buy ourselves a house to help with the flaccid housing market.

So I’m voting for Ron Paul, even if he doesn’t get the nomination.  I’ll vote write-in if I have to.  I’m not so naïve to believe he could actually accomplish this, because Congress would never allow it…but I’d like to see someone try.  Someone who’s not going to give all my taxes to banks and businesses that are just going to turn around and overcharge me with fees or raised prices.

~RCS

Edit: For honesty’s sake I edited this post…somewhere along the lines I made a typo and used a 2 instead of a 1, which fudged all my numbers after that point.  I have since fixed that issue.

Free lessons in Dickjutsu by e-maill. Or if you don't get the joke, it's the subscription button.