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”.
I just knew they would be coming for me sooner or later :-)
Explains those 1000 bullets DHS has stocked up for every living person in country.
I say : Put all of the ‘Rats in debtor’s prison until the budget is balanced and the US National Debt is paid off.
That will cut down on the number of millionaires and billionaires ... and increase the number of off-shore bank accounts.
Not to speak of Jihadi welfare payments.
These morons in government just cannot seem the grasp our opposition to these tax increases. It’s not because we’re greedy, you a-holes. It’s because we know the money will be frittered away by your stupid, inefficient, nonsensical spending programs that only aid the indolent, the unions, and illegal aliens. You are taking our money to fund your pet projects. WHY would we be happy about that?
Who will be exempt from this also ?
Well, well. We may finally hear some howling from Hollywood now. Who were the celebs that said they didn’t have a problem paying more taxes?
I say go for it! The ONLY way we are going to get the limousine libs, the working class fools and the moochers to understand that sucking the rich dry will not work is to let them see first hand what happens when the economy dries up like a plum in the desert. As I’ve said and many other before me have said, things have to get a lot worse before can they get better.
I say that it would be best if once a businessman reaches a certain number of full time employees he then pays NO TAX.
The benefit provided by so many jobs is payment enough.
Any taxing of the business merely increases the cost of the goods produced for all.
This sound logic is incomprehensible to socialists though...we are effing doomed.
Republicans should respond by proposing a bill that would set the minimum tax rate to 10% and the maximum tax rate to 25%
The professional commie thieves are at it again. They can’t get elected if they’re not stealing other people’s money.
You mean like her husband ended up in prison?
Hell, why not just take everything over $1M? Who “needs” that much money anyway?
Why not pass the tax and then every year cut a check for every citizen. Directly from the 1% to the average Joe.
If you’re going to redistribute income why not do DIRECT redistribution.
And that money would NOT be taxable income to those who recieve it.
What’s that? They wouldn’t agree to this arrangement? Oh, it’s not JUST about the money but about who CONTROLS the money. Uh, who’d a thunk it.
I hate liberals so much. Very few people make SALARIES over a million per year. Athletes, some stars maybe. But consider that Warren Buffett only takes a "salary" of $100K/yr. While his investments make billions. And even then owes $1 Billion in overdue taxes.
And honestly NOBODY makes a billion dollars in SALARY.
An empty headed, meaningless gesture to the cretins that make up about 47% of our population.
I'd love to ask a welfare recipient if they even KNOW where the $ comes from to pay for their SNAP, EBT, Section 8 housing, "free" school meals.
They'd better get on their faces and kiss the feet of those who work hard to provide for them.
weird they would do this seeing as they are the party of the rich, most of their money comes form the west coast, Hollywood and the north east, our support and money is in the south and Midwest and AK.
Richest counties go to the Dems, the stars go for the Dems, then there are the hedge fund crew, wall street, Morgan Stanley , Soros Buffett
Hey let them do it and then go after their off shore accounts.
Yea I know it’s never going to happen
just said the same, the Dems are the party of the rich, stars and wall street
Add in the state and local taxes and they might qualify for food stamps.
So, the amnesty loving leftie Luis Gutierrez is co-sponsoring this bill. Figures.
Meanwhile, Paul Ryan plans to appear with Gutierrez in order to pitch the amnesty bill.
A year ago, I had both Paul Ryan and Marco Rubio on my list of potential presidential candidates. Not any more.
If they wanted to effectively enrich working people, they have to lose the hate, and use techniques that work.
But they are only doing this out of hate. They truly don’t care about working people, just in making the people they hate suffer. And as hard as they try, their rape victims just refuse to lay back and take it. How unfair is that to the rapist?
If you want to enrich working people, you still use taxation to do it, but you tailor taxation to more heavily tax investments that are more like gambling, that produce nothing; and you *lower* taxes on investments like research and development, business start ups, infrastructure improvements, and investment capital formation.
These stimulate business, create jobs, and bingo, the working people get wealthier. And the only people who got hurt were those who wanted to make a risk free fortune gambling. Heads we make a fortune and tails, the taxpayers have to pay our losses. The heck with that.
"The rich alone use imported articles, and on these alone the whole taxes of the General Government are levied (emphasis added). Our revenues liberated by the discharge of the public debt, and its surplus applied to canals, roads, schools, etc., the farmer will see his government supported, his children educated, and the face of his country made a paradise by the contributions of the rich alone, without his being called on to spend a cent from his earnings." --Thomas Jefferson to Thaddeus Kosciusko, 1811.
However, what we're not going to hear from Constitution-ignoring Democrats concerning the rich paying taxes is the following. In Jefferson's time Justice John Marshall had also officially clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially any issue which Congress cannot justify under its constitutonal Article I, Section 8-limited powers.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." --Justice John Marshall, Gibbons v. Ogden, 1824.
I surmise that one of the reasons that successful corporations like Apple keeps 2/3 of its cash cow in foreign accounts is the following. Thanks in part to Obama guard dogs like Fx New, corporate tax accountants have possibly never heard of Justice Marshall's clarification of Congress's limited power to lay taxes.
Oh, they will be paying more than half with state taxes and other progressive causes factored in.
That being said,I hope they do it bc just might be what wakes most of the rich zombies out of their Obama trance. Time to get the revolution underway.
“FAIRNESS IN TAXATION” is a Flat Tax.
As a famous Brain Surgeon said at a Prayer Breakfast that the Dear Leader also attended, “if 10% is good enough for God, it’s good enough for the Government”.
Thanks Sub-Driver. Rich Demwits wrote the tax and spend laws — that’s why they’re both undertaxed and overpaid.
How about doing away with withholding and make everybody cut a check every year for their income tax. That should start a civil war quickly.
Tax wealth not income. You’ll see these scumbag politician trust funders like Kerry scream bloody murder.
Legislators will exempt themselves just as they have quietly removed the law against their insider trading.
Of course politicians will exempt themselves from this tax.