Biden Takes Senate Republicans To School On Tiny Millionaire's Surtax

[one...two...tree 2,762]

"You have a one-half of one-percent surtax on the 1,000,0001th dollar -- in other words it doesn't affect anybody who makes $999,000, it doesn't affect anybody making $999,999 -- and if you want to find the guy who make $1,000,0001, it only affects that $1. That's the only thing the rate goes up on," Biden explained.

This is a basic fact about marginal tax policy, but its one Republicans like to obscure.

"If you make $1.1 million, and god-willing this passes, you would pay next year, $500 more in taxes," Biden said.

Biden claimed the average income of people who earn more than $1 million a year is $3 million. The jobs bill would cost a person making that much money $10,000 in 2013 -- exactly one-third of one-percent of his total income.

"I say to the American people: watch your senator," Biden said. "Watch him or her choose: Are you going to put 400,000 school teachers back in classrooms; are you going to put 18,000 cops back on the street, and 7,000 firefighters back into firehouses? OR are you going to save people with average income over $1 million a one-half of one-percent increase in tax on every dollar they make over a million."

http://tpmdc.talkingpointsmemo.com/2011/10/biden-takes-senate-republicans-to-school-on-tiny-millionaires-surtax.php?ref=fpb

[mawilson 2,133]

Are you going to put 400,000 school teachers back in classrooms; are you going to put 18,000 cops back on the street, and 7,000 firefighters back into firehouses?

400,000 new teachers???

[Mr. Big Dog 10,747]

400,000 new teachers???

Look at the number in the context of the total number of teachers in the country: ~ 4,000,000

And as I understand it, these are not "new" teachers but teacher positions that have been downsized more recently due to lack of school district funding.