So, if the rich were taxed the same tax rate at the middle class workers, how much more tax revenue would it bring in?
Warren Buffet should know that it would be a mere drop in the bucket. If the rich were taxed at the same rates they were taxed a half century ago, they’d be paying some $350 billion more this year in federal taxes.
Today, the rich earn much of their incomes on capital gains and dividends, which are taxed at around 15%. In the late 1980s, such incomes were taxed at 35%. The question is, should we go back to the higher tax rates just so we can extract more money to pay off the debt, or is there a consequence for that action that would offset the increased tax revenue?
I am so tired of hearing this BS about “shared sacrifice”.
Let’s have a flat tax, no deductions, EVERYBODY pays the same rate. Period.
Fairly shared from the person making $100 to the person making $100 million.