Posted on 11/07/2019 10:01:50 AM PST by yesthatjallen
Rep. Don Beyer (D-Va.) and Sen. Chris Van Hollen (D-Md.) on Thursday rolled out a proposal for a “millionaires surtax,” amid a growing interest from Democrats in increasing taxes on the wealthy.
“This is a bill designed to address two major problems of public policy: the lack of revenue, and inequality,” Beyer said on a call with reporters. “It’s a laser-focused solution that requires those who benefited the most from the economy to contribute in a way they simply haven’t been asked to before.”
The lawmakers’ bill, which is being co-sponsored by Sen. Sherrod Brown (D-Ohio), would create a 10-percentage point surtax on all income above $2 million for married couples and $1 million for single tax filers.
The surtax would result in the top tax rate on income from wages and salaries increasing from 37 percent to 47 percent, plus a 3.8 percent Medicare surtax. It would result in the top rate on capital gains increasing from 20 percent to 30 percent, plus a 3.8 percent net investment tax.
The Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, has estimated that such a surtax would raise nearly $635 billion over 10 years.
“This is revenue generated that we can then invest in helping other Americans succeed,” Van Hollen said.
SNIP
(Excerpt) Read more at thehill.com ...
It’s the spending stupid.
Because cutting spending is OUT OF THE QUESTION!!!
Most of the idiots who vote for these people think that this means the Dems are going to run through the streets throwing out handfuls of cash that they have righteously taken from the “evil rich.” They don’t realize that (a) how little it will soon take to qualify as the “evil rich” and (b) the State never gives back the money it has taken.
As so many millionaires opt to make big contributions to Democrats, I say let ‘em reap what they sow.
Well it seems to work for bank robbers. Though at least they are honest about being thieves.
That will exempt their favorite millionaires.
Higher tax rates yield lower revenues.
Every single time.
Kill the goose that lays golden eggs, Dems. Stupid.
Hell, why work hard to build up a company which then makes you rich? Just lob around and the dems will give you enough money so you don’t have to work.
If someone gets a gross salary of $100,000, he takes home perhaps $50,000 but is considered to have a salary of $100,000, thus disqualifying him from many benefits. And he is considered “rich.”
If some indolent slob gets a gross salary of $14,000, his tax rate is very low and he can get benefits worth perhaps $20,000. So he gets about $30,000 in his pocket. And he is always considered to have a salary of $14,000 and is called “poor.”
Now tell me why a genius like Bill Gates, Steve Jobs, Steve Case, Jeff Besos, should bother getting up in the morning to build up a business which has thousands of people working productively? Why shouldn’t he just get the hell out of a country that does that to him and go to a place where he can keep his earnings?
If you implement the dems’ tax plan, the business geniuses will cease to exist and we will not have any Microsofts, Apples, AOL or Amazon.
Rep. Don Beyer (D-Va.)
Worth 52 million up until 2015 now worth 120 Million and counting. Invested in real-estate, Auto stock and dealerships.
Chris Van Hollen (D-Md.)
Worth a mere 389K himself in 2015. Invested in Pharmaceuticals, food & beverage and Colgate/Palmolive. He is either not good at investing his money or very good at hiding it.
These guys are either willing to give up their wealth or good at loophole design.
They will likely resurrect the confiscation of private and corporate retirement accounts scheme. Give us all T-bills instead because the government know better than we or the industry on how to wisely manage money.
47 plus 3.8 is 50.8%. But that’s only if you have no state income tax, and no city income tax.
If you’re in NYC, and in the surtax range, your marginal income tax rate is 8.82% for the state, and close to 3.9% for the city.
So, in NYC, the high bracket income rate would be 63.5%
Imagine if you had a wealth tax on top of 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.
Highlighting another part of the above excerpt, we see that Jefferson had envisioned the farmer’s children being educated without the farmer having to spend a cent.
“The rich alone use imported articles, and on these alone the whole taxes of the General Government are levied. … 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 [emphasis added].” —Thomas Jefferson to Thaddeus Kosciusko, 1811.
H O W E V E R…
In Jefferson’s time, state sovereignty-respecting Supreme Court justices had clarified that the power of the constitutionally limited power federal government to appropriate taxes was likewise limited, Congress limited to appropriating only enough taxes to perform its constitutional Article I, Section 8-limited power duties.
"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.
So if patriots support PDJT in putting a stop to unconstitutional federal taxes, I’d have no problem if rich people and corporations took complete burden of paying taxes to run federal government like they did in Jefferson's time.
In fact, rich people and corporations should forever have the duty of policing Congress to make sure that the federal taxes that they pay are fully compliant with Section 8.
Insights welcome.
Remember in November 2020!
MAGA! Now KAG! (Keep America Great!)
"The “Holy Grail” of organized crime is to control government power to tax." —me
"The 16th Amendment effectively repealed the involuntary servitude aspect of the 13th Amendment imo, evidenced by unconstitutional federal taxes." —me
"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.
"13th Amendment, Section 1:
Neither slavery nor involuntary servitude [emphasis added], except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."
"16th Amendment:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes.” —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
Agree, there no where else for them to come even close to getting the money for this.
Yep. Stealing peoples' money and forking it over to the government always produces economic growth and makes other Americans succeed. Just look at the 106 years of experience after the 16th Amendment was ratified.
What a steaming pant load of BS.
The whole idea that government "generates revenue" and "invests" just hacks me off to no end! I worked in business my entire career and know what it requires to generate legitimate revenue and truly invest it in projects that will yield future revenue and profits. We never once extorted revenue at gunpoint from our customers.
I retired two and a half years ago. I really don't need the money I saved for retirement. Others who didn't work for are far more deserving of it than me.
That's where you are wrong, Erik. There is HUGE empirical evidence to the contrary -- it destroys lives, creates intergenerational dependence on government, is highly corrosive to civil society, and has not lifted a single person out of poverty.
That's bad thinking, Buckeye. The wealthy ALWAYS have ways to not get taxed. The taxes ALWAYS fall on the middle class guy. The wealthy pols and wealthy Democrat donors will NEVER reap what they sow.
Federal, state, and local government workers cost the government ~$1.9 trillion in 2016. I wonder why I don’t see democrats going after that money..
The GDP for that year was $18.7 trillion. So, government workers compensation accounted for >10% of the GDP of the US for that year. Why is that OK?
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