12/26/2011

Harry Reid's Big Lie


On December 6, regarding his proposed 1.9 percent surtax on million-dollar incomes, Harry Reid said: "Millionaire job creators are like unicorns. They’re impossible to find, and they don’t exist… Only a tiny fraction of people making more than a million dollars, probably less than 1 percent, are small business owners. And only a tiny fraction of that tiny fraction are traditional job creators… Most of these businesses are hedge fund managers or wealthy lawyers. They don’t do much hiring and they don’t need tax breaks."

The real facts:
Millionaire tax filers earn almost a quarter trillion dollars from their businesses. They hire hundreds of thousands of employees to do so.

There are a trivial number of millionaire hedge-fund managers and wealthy lawyers (who, according to Harry, do not hire anyone and don’t need tax breaks). The millionaire tax surcharge is not aimed at them, but at the tens of thousands of millionaire business owners.

A 1.9 percent surcharge on millionaires would raise at most eleven billion dollars. By today’s standards, this is chump change.

The millionaire’s tax is not about balancing the budget. It is about gaining political advantage through the use of envy and greed (two of the seven deadly sins).
Reid, in his crude way, is trying to portray Republicans as the party of dishonest millionaires, who have not earned their wealth, have not created jobs, detract rather than create value, and refuse to pay their fair share. This kind of class warfare is now the anchor of the Democrat election playbook.