GOP criticizes Barack Obama’s idea to tax millionaires

ee88002b82d16fc42a8bf43410e94dc4

Republican leaders yesterday went after President Barack Obama’s proposal for a new tax on millionaires, calling it “class warfare” and predicting it will face heavy opposition in Congress.

Obama is expected to propose a “Buffett Tax” today on people making more than $1 million a year as part of his recommendations to a congressional super-committee seeking long-term deficit savings.

Paul Ryan, chairman of the House of Representatives Budget Committee, and Mitch McConnell, Senate Republican leader, said the proposal would limit growth and hurt corporate investment in an already stagnating economy.

“It adds further instability to our system [and] more uncertainty, and it punishes job creation and those people who create jobs,” Ryan said on “Fox News Sunday.” “Class warfare may make for good politics, but it makes for rotten economics.”

McConnell said Congress had already debated the issue last year, when Obama and Republicans forged a compromise that extended the reduced tax rates for high-earners for two years.

“It’s a bad thing to do in the middle of an economic downturn,” McConnell said on NBC’s “Meet the Press.” “There is bipartisan opposition to what the president is recommending already.”



News
Entertainment
Sports
Lifestyle
Local

Islamic state issues video of beheading of U.S.…

The Islamic State militant group released a video purporting to show the beheading of U.S. hostage Steven Sotloff, the SITE monitoring service reported on Tuesday.

Local

NYPD looking for man they say assaulted elderly…

      The New York City Police Department is asking for the public's assistance in locating a Hispanic male 20's wanted in connection with…

Local

Three arrested after allegedly assaulting off-duty officer in…

Three men were arrested early Saturday morning after allegedly assaulting an off-duty officer at a Bronx bodega, and the NYPD is asking for the public's…

Local

Healthcare union creates vibrant West Indian Day Parade…

Volunteers worked almost around the clock through the weekend, putting the flashy finishing touches on hundreds of costume pieces 1199SEIU members will wear while marching…

Music

Hear two previously unreleased Adele songs

Missing some Adele in your life? Two previously unreleased songs from the singer have appeared online.

Music

Lincoln Center just made 'Lord of the Rings'…

Middle Earth already has sweeping vistas, a hero's journey and technology-revolutionizing special effects. But next April, the Lincoln Center will add another dimension to Peter Jackson's…

Gossip

Miley Cyrus and Liam Hemsworth apparently love each…

Miley Cyrus may have broken off her engagement to Liam Hemsworth almost a year ago, but that doesn't mean she doesn't still have feelings for…

The Word

The Word: Charlize Theron isn't perfect, so stop…

We've been thinking a lot about famous women's bodies this week, obviously, so here's some food for thought to go with all that virtual ogling.…

MLB

MLB Power Rankings: Angels take control, Tigers and…

MLB Power Rankings: Angels take control, Tigers and Giants climb

Sports

Novak Djokovic feeds off US Open crowd to…

Novak Djokovic isn't a native New Yorker, but he sure knows how to use the U.S. Open crowd to his advantage.

NFL

Odell Beckham still 'weeks away,' Tom Coughlin angry…

Giants head coach Tom Coughlin has fought a losing battle against the media all preseason over the status of wide receiver Odell Beckham Jr.

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

Wellbeing

Jason Hope helps push anti-aging efforts forward

Reporter was commissioned to write this in-depth article When it comes to age-related illness, the direction of modern medicine seems more reactive than proactive. In…

Wellbeing

Today's Doomsday preppers: a closer look at survivalist…

Reporter was commissioned to write this in-depth article. The term “Doomsday prepper” is often associated with the paranoid, anti-government stereotype of the 1990s. The truth…

Education

These college students think breakfast is the most…

  It should be no surprise that the city that never sleeps is also home to the most students who like to order food in…

Sex

When it comes to dating, height matters

Does a man’s height really matter when it comes to dating? Unfortunately - according to a new study - the answer looks like it’s yes.…