Taxing the rich

posted by
October 26, 2011
Future of Freedom Foundation
by Laurence M. Vance  
Posted in Commentary

"President Obama’s American Jobs Act of 2011 (S.1660) recently went down to defeat in the Senate. Two Democrats joined with all forty-six voting Republicans (Sen. Tom Coburn did not vote) to kill the $447 billion plan. The most egregious part of this bill was that it 'amends the Internal Revenue Code to impose on individual taxpayers in taxable years beginning after 2012 an additional tax equal to 5.6% of so much of their modified adjusted gross income as exceeds $1 million.'" (10/26/11)  

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