Eric Cantor believes it will raise revenue without hurting small business, vast majority make less than $250K, or taxpayers. Adding to the gap between reality and rhetoric, plan "B" raises taxes on those making less than $200K and those making more than $1 million in wages... not capital gains or investment (billionaire income) profits.
Lobby For The Rich
Clearly, this is a posturing done by CONS to push the president to give up more cuts aimed at low tax rates for the rich.
With the elimination of the AMT (Alternative Minimum Tax), the GOP leadership has effectively risen taxes for those making $10,001 by 2.6%. While those making $1,000,001, will see taxes raise 7.2%. Or those making $20,000,000 (non capital gains revenue) will see a tax hike of 3.6%. I'm not sure who supports this and why the poor who are working should continue their path of misery...
Math Matters
The non-partisan Tax Policy Center has crunched the numbers and provided a snapshot for you if your care...
