The whole progressive tax rate thing can be a bit confusing until you take two minutes to sit down and learn what it is. And then your entire understanding of tax policy realigns and you realize how trivial tax increases on the rich are.
Biden Takes Senate Republicans To School On Tiny Millionaire's Surtax | TPMDC
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"You have a one-half of one-percent surtax on the 1,000,0001th dollar -- in other words it doesn't affect anybody who makes $999,000, it doesn't affect anybody making $999,999 -- and if you want to find the guy who make $1,000,0001, it only affects that $1. That's the only thing the rate goes up on," Biden explained.
This is a basic fact about marginal tax policy, but its one Republicans like to obscure.
"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."
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