The Corner

Schumer: Tax the Rich, Just Not My Rich

CBS News reports that Sen. Chuck Schumer (D., N.Y.) isn’t such a big fan President Obama’s plan to raise taxes on households making more than $250,000 a year. After announcing his new deficit-reduction plan at the White House today, Obama traveled to New York for a fundraising event (tickets are listed at $36,000 per person). Reporter Marcia Kramer asked lawmakers from the area what they thought of the president’s tax proposals. Most were pretty cool with the tax increases, but Schumer stood out among his colleagues:

Senators Charles Schumer of New York, Robert Menendez and Frank Lautenberg of New Jersey all support the millionaire’s tax.

Menendez, Lautenberg and Kirsten Gillibrand support eliminating some or all of the Bush tax cuts. Schumer said the $250,000 limit is unacceptable since it will hit the metropolitan area disproportionately because of the high cost of living here.

“$250,000 makes you really rich in Mississippi but it doesn’t make you rich at all in New York and there ought to be some kind of scale based on the cost of living on how much you pay,” Schumer said.

 

Andrew Stiles — Andrew Stiles is a political reporter for National Review Online. He previously worked at the Washington Free Beacon, and was an intern at The Hill newspaper. Stiles is a 2009 ...

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