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.).
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.
While it would hurt the country overall, such a tax would help me personally, as my wife is a tax accountant. And of course the tax money raised would be a fraction of what these idiot Dems predict, as tax avoidance strategies would kick into high gear.
That is right out of the book “Atlas Shrugged”!
Boy they really love that Marxism, don’t they?
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