Section 551 Imposes Additional Job-Killing Taxes
Page 336 - Section 551 imposes additional job-killing taxes, in the form of a half-trillion dollar “surcharge,” more than half of which will hit small businesses; according to a model developed by President Obama’s senior economic advisor, such taxes could cost up to 5.5 million jobs
SEC. 551. SURCHARGE ON HIGH INCOME INDIVIDUALS.
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(a) In General- Part VIII of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as added by this title, is amended by adding at the end the following new subpart:
‘Subpart B–Surcharge on High Income Individuals
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‘Sec. 59C. Surcharge on high income individuals.
‘SEC. 59C. SURCHARGE ON HIGH INCOME INDIVIDUALS.
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‘(a) General Rule- In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 5.4 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $1,000,000.
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‘(b) Taxpayers Not Making a Joint Return- In the case of any taxpayer other than a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), subsection (a) shall be applied by substituting ‘$500,000’ for ‘$1,000,000’.
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As a hard working American who doesn’t earn $1 million a year, but who makes it possible for OTHERS to make so much money, I think it is perfectly appropriate for the super rich to do their part to help those who are in need. You get all the heath care you need at no cost — if I get sick, I go bankrupt and have to move into a cardboard box. How is that fair?
4 months agoAs a hard working American who doesn’t earn $1 million a year I’m appalled at this class warfare that sucks from the rich to give to those who don’t earn as much. This is the perfect way to remove all incentive to grow a business, hire employees.
Mr. Smithfield you make no sense - you say “You get all the health care you need at no cost” Huh? Who is it that gets all the health care they need at no cost? Hmm? Since when does ‘fair’ play a part in politics or government or personal responsibility? And who determines what is ‘fair’? And more importantly, as a citizen of the United States of America (I assume you are), how in the world can you advocate taking monies from a hard working American so you can benefit? That idea, to me, is unAmerican.
4 months ago“False. Obama’s economic adviser — Christina Romer, chair of the White House Council of Econ... more
Congressman Pence, the fact checkers at Poltifact.com rate your claim as False.
“False. Obama’s economic adviser — Christina Romer, chair of the White House Council of Economic Advisers — has never said that a tax in the health care bill would cost up to 5.5 million jobs.”
http://www.politifact.com/truth-o-meter/article/2009/nov/04/gop-health-bill-analysis-meets-truth-o-meter/
4 months ago