Skip to comments.Dems propose minimum 45 percent tax rate on income above $1 million
Posted on 04/26/2013 2:43:47 PM PDT by Sub-Driver
Dems propose minimum 45 percent tax rate on income above $1 million By Pete Kasperowicz - 04/26/13 10:00 AM ET
Several House Democrats on Thursday introduced legislation that would impose a minimum 45 percent tax rate on taxable income above $1 million, and would set a 49 percent rate on income above $1 billion.
The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation's wealth back into the hands of middle- and lower-income workers.
"Our country faces an inequality crisis," she said Thursday. "While the amount of earned income and accumulated wealth by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades.
"We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class," she added.
For taxable income from $1 million to $10 million, the bill would set a 45 percent tax rate. That rate increases to 46 percent for income between $10 million and 20 million, 47 percent for income between $20 million and $100 million, and 48 percent for income between $100 million and $1 billion.
Schakowsky pointed to a Congressional Research Service study that said raising tax rates on the wealthy has "little to no impact on macroeconomic growth."
Her bill is co-sponsored by Reps. John Conyers (D-Mich.), Donna Edwards (D-Md.), Luis Gutierrez (D-Ill.), Barbara Lee (D-Calif.), Betty McCollum (D-Minn.) and John Yarmuth (D-Ky.).
Well gee, why not make it an even half?
Would that include any money that they themselves have taken in the form of bribes and kickbacks, or will they exempt themselves?
Uh, correct me if I am wrong, but wouldn't this tax actually put the nation's wealth in the hands of elitist, socialist politicians?
old fat Betty bam ba lam
A 50% tax on everyone would be spent by these idiots in two months.
The rank ignorance, and utter economic illiteracy is so appalling, it's unbelievable. It sounds like a the ranting of a third-world banana republic official.
Are we sure this wasn't Maxine Waters spouting this gibberish?
Leeches like Schakowsky should end up in prison for
theft and out right robbery, how unAmerican can you get!
Way too hign. Those people need to be motivated to invest, be productive and take risk. We all benefit from that. They are proposing government by the government and for the government. In no way possible does that make this a better country. Socialism/ Marxism is EVIL!!!!!
I have an idea, Libtard.
How about taxing unfunded pensions at 85%?
The source of Government revenue is business, this will cause LESS money to go to Government.
There is no fixing the Commie Democrat Keynsian mind, they want more to spend (waste) on useless Government workers and handouts to people who vote for them.
What a lunatic.
“The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation’s wealth back into the hands of government”,
where she could spend it so much better than the people
who actually made it.
If they want revenue, propose a 45% tax on all income above $100,000, or $80,000. If they want to punish evil millionaires, propose a 90% tax on all income above a million. Or better yet, all income above $500,000. Why should anyone make more than $500,000? The Dems should propose to simply take it from them, with an exemption for actors and other Hollywood types, of course.
First, if they know you’re going to take it from them, someone with a million plus in income is going to try to configure it so it doesn’t show up as income.
Second, taxing his millions doesn’t do anything to correct any supposed “inequality”. Taxing his money just hands it over to the government. Your paycheck doesn’t go up by even a dime.
Thirdly, if he’s making a million plus per year, aside from a few entertainers or sports figures, he’s no doubt in business. The tax gets rolled into the cost of doing business. You pay the tax when you buy the product. He just collects it and hands it over.
Eh, nothing new here.
These goofballs can do that one time. No repeats year-to-year.
Let’s try this tax increase on those living in solid blue Congressional districts and see how well it works.
If the libs want higher taxes on the rich, lets start with their rich first.
What will the Matt Damon, Michael Moore, Sean Penn crowd say when they literally lose 65% of their earnings? Will they sing Mao’s praises when even capital gains are taxed at outrageous percentages?
At some point, lead will fly. The Liberals sniff money in retirements plans, pensions and the like...they cannot and will not stop spending on fat lesbian studies, ObamaPhone and subsidizing the hungry of Mexico on our dime. They will quit paying themselves for life.
This is going to end horribly. They are broke and need to eat...so they now begin to steal.
Typical bottom-feeding socialist scumbag naming tactic. They to sell their crap with a fancy name. “The Fairness in Taxation Act” rapes achievers while half the people in the nation pay zip, zero, nada, bupkis, nothing in federal income taxes to support the massive socialist parasite-enriching agenda. And that is what they call “Fairness in Taxation”.