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Millionaire tax would impact a tiny number of North Carolinians

Post on October 7, 2011 by 6 Comments »

Citizens for Tax Justice has an interesting report out on the incredibly small number of Americans who would be impacted by the proposed “millionaire tax” being floated in the U.S. Senate.

“Only one-fifth of one percent of U.S. taxpayers would pay the surcharge proposed by Senate Majority Leader Harry Reid to offset the costs of President Obama’s jobs bill. The table below shows that in the majority of states only one-tenth of a percent of taxpayers would pay the surcharge in 2013. Only in one state, Connecticut, would the share of taxpayers paying the surcharge exceed one percent.”

According to the report, the number in North Carolina is even lower than average — about 0.1%.

In other words, it would pretty much be limited to the people who attended Senator Hagan’s absurd corporate tax cut press conference today plus their friends and immediate families.

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Comments (Closed):6

  1. snowbird42
    October 7, 2011 at 2:11 pm

    Have you seen this article about NC?
    http://www.newyorker.com/reporting/2011/10/10/111010fa_fact_mayer
    About Art Pope and the selling of NC

  2. Nonanonymous
    October 7, 2011 at 2:38 pm

    It’s not a revenue problem, it’s a spending problem. at least at the federal level, which affects all of us. Why penalize hard working Americans? Stop borrowing!!! After pro jobs policies put people who want to work hard back to work, that is.

  3. Rob Schofield
    October 7, 2011 at 2:49 pm

    Yes, those “hard working” derivatives traders and hedge fund moguls defnitely deserve a break. Where would our country be without them?

  4. david esmay
    October 7, 2011 at 3:45 pm

    Nonanonymous here’s a history lesson for you, pre- Bush tax cuts= revenue surplus, tax cuts=deficit. Everything done during the Bush administration was debt leveraged, tax cuts, two wars, and medicare part D, to name just a few. The interest payments alone will cost us 50 billion this year, and every year after without reducing the principle.

  5. Chris
    October 7, 2011 at 6:40 pm

    It’s funny but I was looking at the income tax revenues for the US over the last 25 years, and there is very little difference on the amounts collected regardless of the top marginal tax rates which surprised me. It appears tax revenues were actually higher under Bush than during the Clinton years which I would not have expected. Lower defense spending and spending overall coupled with huge Social Security inflows accounted for most of the Clinton surplus. It’s very interesting to go back and look at these numbers. Since 48 % of US citizens now pay no income taxes, it looks like to me that any tax reform would impact the middle to lower income citizens in a negative way.

  6. Em
    October 10, 2011 at 7:26 pm

    How many of the “48% of US citizens (who) now pay no income taxes” are: children; mentally or physically unable to work and earn; make too little to pay income taxes; retired and living on only social security(which has already been taxed when funds withheld from paychecks); are wealthy enough to use deductions and tax rigamarole to avoid paying any income tax; are incarcerated and not earning; or other? Citations and stats, please?