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.
Sen. Jeff Flake, R-Ariz., takes a selfie with his cut-out head during the Hoops for Youth 16th annual charity basketball game held at George Washington University's Smith Center, September 8, 2014. The members of Congress team beat the lobbyist team 46-40. Buy photo here.