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In The Loop
Posted at 02:54 PM ET, 12/18/2012

Millionaires will take a nasty tax hit down the fiscal cliff


(Chris O'Meara - AP)

Finally. A thank-you e-mail from our pal Rep. Michele Bachmann (R-Minn.), who survived a squeaker reelection battle.

She won “thanks to . . . the generosity of faithful supporters like you,” she said in her e-mail, with the subject line ”It’s not about me.”

Well, like all those other fundraising e-mails we got during the campaign, maybe it is. Bachmann said she was “reaching out to my core supporters . . . to make a special year-end gift today.”

If we “fail to stop” the Dems in the lame duck session, she warned, there’ll be dire consequences. (Actually, the really bad consequences will be what would happen if the D’s and R’s send us over the cliff.)

“The Bush-era tax cuts will expire,” she noted, “and automatically cost the average American family anywhere between $2,000 to $6,000 in extra tax liability per year.”

That’s bad enough, but think what will happen to the poor couple with a kid in college earning a lousy $900,000 a year. They may have to pay a whopping $50,000 more in annual taxes, according to the Tax Policy Center’s tax calculator. (You can play with the numbers and see how it works for you.)

Now, if you add in state and other taxes, you may have to scrape by on a bit more than a half-million bucks, around $10,000 a week. You might find yourself sleeping under a bridge with all those moochers.

No way we can allow that. “Won’t you please make your most generous year-end contribution of $50 or more right away?” Bachmann asked.

Check’s in the mail.

By  |  02:54 PM ET, 12/18/2012

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