Will 47% of the Millionaires In Congress Support President Obama’s Tax Proposal That Will Hit Their Bottom Line?

President Obama in the State of the Union laid out a tax proposal that will pretty much do the following:

  1. ensure those making over $1 million pay a minimum effective rate of at least 30%
  2. eliminating tax subsidies for housing, health care, retirement, and child care for those making over $1 million
  3. ensure that taxes won’t go up on those with incomes under $250,000
  4. extending the payroll tax cut
  5. eliminate tax incentives to those who ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits
  6. eliminate the tax deduction companies receive for the cost of shutting down factories and moving production overseas
  7. create a new tax credit to cover moving expenses for companies that close production overseas and bring jobs back to the United States
  8. lower tax rates for companies that manufacture and create jobs in the United States

Now, if you ask me, all these proposals are common sense tax policies that should have broad support by the American people.  However, when you have millionaires in Congress representing the PEOPLE and coddle with those top 1%, President Obama’s tax proposal in our Congress seems like a dead on arrival proposal that would not have any chance of passing especially in the Republican majority House. Even in a Democratic controlled Senate, I have no doubt that the Republican will have enough votes to block the tax proposal. Beside, it is not only in the best interest of the Republican to kill this proposal, it is in the best interest of many multimillionaire Democratic lawmakers in Congress.

You have to ask yourselves why would a person in a position of power who pretty much gets their millions by doing favors in passing laws that makes it possible to enrich themselves be willing to have more taken from them in taxes? The thing is this people are not scrapping to survive. They are filthy rich and honestly don’t give a damn about their constituents.

According to Center for Responsive Politics research, “about 47 percent of Congress, or 249 current members are millionaires. … In 2010, the estimated median net worth of a current U.S. senator stood at an average of $2.56 million.”

Despite the global economic meltdown in 2008 and sluggish recovery, that’s up about 11 percent* from an estimated median net worth of about $2.38 million in 2009, according to the Center’s analysis. And it’s up about 16 percent* from a median estimated net worth of $2.27 million in 2008.

Here are the top ten millionaires in the United State Congress as of today:

Name Minimum Net Worth Average Maximum Net Worth
Darrell Issa (R-Calif)
$195,400,035 $448,125,017 $700,850,000
Michael McCaul (R-Texas) $258,618,051 $380,411,527 $502,205,003
Jane Harman (D-Calif) $160,085,503 $326,844,751 $493,604,000
John Kerry (D-Mass) $181,469,521 $231,722,794 $281,976,067
Mark Warner (D-Va) $76,372,212 $192,730,605 $309,088,999
Herb Kohl (D-Wis) $88,228,026 $173,538,010 $258,847,994
Jared Polis (D-Colo) $57,944,127 $143,218,562 $228,492,998
Vernon Buchanan (R-Fla) $-50,724,701 $136,152,641 $323,029,983
Nancy Pelosi (D-Calif) $5,946,075 $101,123,032 $196,299,990
Jay Rockefeller (D-WVa) $61,632,019 $99,057,011 $136,482,003

What is bluntly obvious and hypocritical is Republicans want to play the political game on both sides of the fence claiming that they want to create jobs, reduce the deficit and debt but don’t wants to have corporations and millionaires pay their fair share to make it possible to do those things that never is practical but imaginary ideals for Republicans. Time and time again, they claim they want to create jobs with no jobs plan. In fact, last I remember when the President propose the American Jobs Act Bill, they were unanimously opposed to it.  They are also against passing payroll tax credit to about 160 million working Americans.

The reaction to the President Tax proposal was not anything we have not seen in the past to anything he had tried to do as Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee brushed it off saying “[the President] he’s got to know that none of those things he proposed really have much of a chance of going through both houses of Congress”. The House Budget Committee Chairman Paul Ryan, R-Wis, also said “I don’t think he’s intending on passing any laws this year,” claiming that the President is in a campaign mode for his re-election as if the Republican Party has ones tried to work in a bipartisan way to pass any laws in the past three years without getting squeezed.

While Democrats in Congress colossal around the message of fairness and evening the playing field for working Americans and advocating in support of the President’s proposal to ensure corporations and millionaires pay their fair share in taxes, would it be against their own self interest to support a tax bill that will make them pay a minimum effective tax rate of at least 30% on their income? After all…

Fully 37* Senate Democrats and 30 Senate Republicans reported an average net worth in excess of $1 million in 2010, according to the Center’s analysis. The same was true of 110 House Republicans and 73 House Democrats.

Call me cynical but I would like to have a tally of Democrats, those 37 in the Senate and the 73 in the House, who are willing to be sponsors of the Administration tax proposal. But again, the Republicans are officially and proudly claim that they are against any tax proposal that hurts themselves and the top 1% making it easy for the Democrats to not have to vote up or down for it while appearing enthusiastic about the message.

My question is how could anyone think that 47% of the millionaires club in Congress honestly represent hard working Americans?

The answer is simply they don’t.  Until special interest money is prohibited and a limit on election spending is put in place or better yet until the government finances elections with a strict limit so that those with real ideas can have a fair chance to compete, the American people are far from being represented.

…and then we claim we live in Democracy in the United States of America — a system that is gutted to benefit the haves. We don’t. We are far from it.

This entry was posted in Barack Obama, Congress, Democratic Party, Republican Party, Tax Code, White House and tagged , , , , , , , , , . Bookmark the permalink.

5 Responses to Will 47% of the Millionaires In Congress Support President Obama’s Tax Proposal That Will Hit Their Bottom Line?

  1. blackrberry says:

    Rich people represent the interests of rich people. 7/10 of the people on that list are Dems.
    who represents the poor, disabled, working-poor, seniors, single parents, children, etc.?
    certainly not multimillionaires. Many of these people don’t even interact with low -income people , except as employes.

    too much money, not enough real like experience or empathy for the people who elect Congress.
    It is a major problem– both parties.

    • TiMT says:

      You are absolutely right.There sure are some Democrats who are as bad as the Rethugs when it come to paying their fair share. Dems are very much compromised by their own self interest. I agree it is a major problem with both parties. Hopefully, some kind of election/campaign reform will help get the power back to the People.

  2. blackrberry says:

    **typos, sorry :(
    employees
    real-life

    sorry
    good post, as usual T.

  3. Leroy James says:

    What I want to know is:what excuse are they going to use to try to get out of it.?

    • TiMT says:

      There is no excuse. The Rethugs have made it official that they will not support it. Some in the Dems side are just relieved that the rethugs are as blunt as they are because they would not want to officially vote for it as it will not make it for vote in either chambers.

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