Tags: jim | cramer | tax | rich | wealthy | cuts | bush

Cramer: Millionaires Should Pay Higher Taxes

By    |   Thursday, 16 Sep 2010 09:05 AM

With controversy swirling over the issue of whether the Bush-era tax cuts should be extended for the wealthy, CNBC star commentator Jim Cramer weighed in against the idea.

President Barack Obama has proposed extending the 2001 and 2003 tax reductions only for families with annual income of less than $250,000, while most Republicans want to continue the cuts for everyone.

Cramer, who has criticized Obama for his overall policy, supports the president on this issue. “No one wants higher taxes, but millionaires should pay more,” Cramer said on his “Mad Money” show.

“Millionaires got a break for a long time.”

He’s adamant that the tax cuts should remain in place for the middle class. “Middle-class taxes must go down and stay down,” he said.

“The Republicans are losers in this, and Obama is a winner.”

To be sure, Cramer supports a higher-income threshold for the elimination of tax cuts in high-income areas like New York City and Washington, D.C., where income of $250,000 only makes you middle class.

The cut-off in these areas should be somewhere between $250,000 and $400,000, he says.

A slim majority of the public at large apparently agrees with Cramer.

A new CBS/New York Times poll shows that 53 percent of Americans think letting tax cuts expire for those with income above $250,000 is a good idea, while 38 percent think it’s a bad idea. The rest are undecided.

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With controversy swirling over the issue of whether the Bush-era tax cuts should be extended for the wealthy, CNBC star commentator Jim Cramer weighed in against the idea. President Barack Obama has proposed extending the 2001 and 2003 tax reductions only for families with...
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2010-05-16
Thursday, 16 Sep 2010 09:05 AM
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