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Is President Obama Insane When It Comes to Tax Policy?

Yesterday we learned how President Obama would pay for his jobs bill. If you make more $200k ($250k for marrieds), have carried interest income, have a corporate jet or are an oil & gas company, you probably won’t be too happy with the ideas put forth.

If any of these proposals sounds familiar, that’s because they’ve been put through the ringer already and they weren’t received warmly. It’s unlikely that this time around will be any different.

Considering all that, Christopher Bergin at Tax.com is perplexed:

What I can’t figure out is why the Obama administration keeps trying the same thing over and over again expecting different results.

Joe Kristan only goes so far to call these recycled ideas “lame” but if you hold Rita Mae Brown in high regard, then the President definitely has a screw loose.

President Obama’s Tax Plan: ‘No Games, No Politics, No Delays’ — No Chance [Christopher Bergin]

Pipedream Legislation Would Tax Billionaires at 49%

Congresswoman Jan Schakowsky (D-IL) has introduced the cleverly-named “Fairness in Taxation Act” that would tax millionaires and billionaires at rates that will cause John Boehner to hack up both his lungs.

Despite the futility of the FiTA, these are some tax rates that Tom Bloch can get behind!

The bill would create the following new tax brackets for millionaires and billionaires:

• $1-10 million: 45%
• $10-20 million: 46%
• $20-100 million: 47%
• $100 million to $1 billion: 48%
• $1 billion and over: 49%

And Schakowsky obviously has a thing for the Steve Cohens and John Paulsons of the world:

The current top tax bracket begins at $373,000 in income and fails to distinguish between the “well off” and billionaires, such as the top 20 hedge fund managers whose average income last year was over $1 billion, Schakowsky pointed out.

Congresswoman Introduces Bill to Tax Millionaires and Billionaires [AT]