President Obama is suggesting a limit on itemized deductions for the 3 million wealthiest people in this country. That would raise about $270 billion over 10 years.
Another good suggestion is to extend the 2.9 percent Medicare tax, which applies only to wages, to ALL adjusted gross income, would raise $38.1 billion.
Imposing a 1.05 percent surtax on the Medicare tax on single people who earn more than $200,000, or couples that earn more than $250,000, would raise $7.2 billion.
Raising the capital gains tax to 28 percent the rate under President Ronald Reagan in top income brackets would raise $34.7 billion.
Limiting tax deductions for stock options and the write-off for intangible assets would add $15 billion to the federal Treasury.
Lets make health care reform cover the uninsured but not penalize hard-working American families and individuals who have employer-sponsored plans. For those who claim this is class warfare, Id say its been going on for quite a while and its time for that to change. Middle-class families the backbone of this country deserve better.
James P. Hoffa is the general president of the International Brotherhood of Teamsters.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.