Community | December 06, 2011 | 9 comments

Bachmann: There's No Scenario In Which I Would Vote For A Tax On Millionaires

source: http://thinkprogress.org/economy/2011/12/06/382867/bachmann-millionaires-taxes/

WakeUpPeople
Appearing on MSNBC’s Morning Joe today, Rep. Michele Bachmann (R-MN) said she would never vote to raise taxes on millionaires under any circumstance, even if the tax exempted small businesses (as the GOP always falsely characterizes millionaires as being overwhelmingly small business owners):

HOST: Is there any scenario in which you would for a tax on millionaires if it keeps businesses, small businesses, out of the loop?

BACHMANN: No. I would not. Because if you look historically at the data, it has led to less job creation than more. And it drove people out of the sate of New Jersey.

Watch it: (VIDEO)

It’s unclear what tax data Bachmann — a former federal tax attorney — is referring to, as historical trends show the opposite. As Center for American Progress Director of Tax and Budget Policy Michael Linden found, “in the past 60 years, job growth has actually been greater in years when the top income tax rate was much higher than it is now.” In fact, “if you ranked each year since 1950 by overall job growth, the top five years would all boast marginal tax rates at 70 percent or higher.”

Bachmann’s claim about New Jersey is also not born out by the facts. A major study on the effect of the millionaires surtax found that New Jersey’s millionaire population actually grew while the tax was in place, even through the recession. The tax’s impact on millionaires leaving the state was “close to zero,” the study concluded. Meanwhile, the tax is overwhelmingly popular; a Quinnipiac University poll released last month found that 64 percent of New Jersey residents want to revive the tax, which Gov. Chris Christie (R) killed, while only 28 percent opposed reinstating it too.
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9 comments // Bachmann: There's No Scenario In Which I Would Vote For A Tax On Millionaires // Video

  • Steamed_N_More
    • +1
      Steamed_N_More  

    • It is real hard to take seriously this perspective. The posturing on absolutes wouldn't fix real issues. Ethics. It isn't what is right politically (as apposed to left) it is what is right ethically (as apposed to wrong). A new example-
      http://news.bostonherald.com/news/national/west/view.bg?articleid=1386612

      This is a scathing attack on those living beyond the taxpayers means, when taxpayers can barely subsist on their own. Crying about paying more ( by percentage) than other nations, reminded me of Japan's CEOs, with 6 figure incomes, thinking that incomes of American CEOs of 8 or more figures, was economically insane. Or when the IRS 2007 reported this upper income group under reported incomes more than any group. (Why Bachmann left! It attacked
      her beliefs.)

      Who is she and her party kidding? Not me!

    • 6 months ago
  • bike10
  • Johnny_Los_Angeles
  • Anonmaly
  • Leen61
  • budsnews
  • littlwarrior
    • +2
      littlwarrior  

    • Well of course, then their surfs wouldn't vote for her. I am sorry but if you vote for Michelle Bachman you are someones bitch. Maybe its your preacher, maybe its an executive or someone powerful where you work, which i get it its kinda hot, but still you vote for her you are some rich man, or woman's, bitch. Not saying its bad or wrong, just maybe you should invest your time in a kinder overlord. And remember don't let men, or women, sway your vote because they are hot. Besides they always end up telling you to vote for the not so hot.

    • 6 months ago
  • Swisher
    • +1
      Swisher  

    • Oh right, the job creators! Evidence is clear. As they've gotten more wealthy, we've become overwhelmed with jobs! Make them stop already!

    • 6 months ago
  • RevKen
    • +1
      RevKen  

    • The formula is really quite simple. If we reduce taxes on the wealthy then they have no reason to spend their money. They can just let it sit in an account someplace and make more money. If we raise the tax rates and then give tax breaks to those that do certain things with the money, they will.

      I own a small business and if I know my taxes will be low why not keep the money? If I know my taxes will be high I can reduce my taxes by spending profits. I will find things my business needs. This year I bought a car for my business because I knew I would get stuck paying more than I wanted. Other companies might buy new equipment or remodel facilities. This all pumps money back into the economy as it reduces a companies tax burden.

      The car is actually good because it will get better fuel mileage than my truck. When I do not need to haul equipment I can drive the car and save gas. This is also good for the planet.

    • 6 months ago
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