The top one tenth of one percent of taxpayers number 140,000 and earn at least 1.5 million and these are the so called millionaires and billionaires that Obama is talking about. Obama’s latest payroll tax plan is back to the 2% reduction we had this year and will cost 185 billion. If we want those rich people to pay for this it will cost each of them 1.3 million.
I still work part time and I earn $15,000 per year so this will save me 2% or $300. While I am happy to get an additional 300 bucks, I am not that enthused about asking some rich guy to pitch in 1.3 million to cover this.
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