Local Millionaires On Notice: Tax Fight is On

President Obama's tax plan would hit California millionaires hard

By Conan Nolan and Bill French
|  Tuesday, Sep 20, 2011  |  Updated 10:20 AM PDT
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Tax on Millionaires Would Hit Many in California Hard

AP

President Barack Obama gestures while speaking in the Rose Garden of the White House in Washington, Monday, Sept. 19, 2011. (AP Photo/Evan Vucci)

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Tax on Millionaires Would Hit Many in California Hard

California is home to more than half a million of them. So is it good or bad?
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"Middle class families shouldn't pay higher taxes than millionaires and billionaires," President Obama stated, just outside The White House.

The President's fiery discourse on tax fairness rippled across the country, reaching the ears of  Southern California's wealthiest residents.

According to Forbes Magazine, California is home to 662,735 millionaires. That's, by far, the most of any state. It's about 5.5% of the total population.

Everyone from Giants slugger Barry Bonds to Silicon Valley giants like Larry Ellison and Mark Zuckerberg would feel the heat. But the real question may be how much of the millionaire's income comes from wages and how much comes from investments, which are taxed at a lower rate than what's paid by even modest wage earners.

Still, Republicans say now is not the time to raise taxes on anyone.

"We're depending upon small businesses for two-thirds of the job creation in this economy," said Rep. Tom McClintock, D-California. "To sock them with a massive tax increase and then expect them to produce more jobs is simply insane."

President Obama, clearly, sees it differently.
 
"I think it's just the right thing to do," he said, summing up his position.


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