Posted on 11/13/2019 5:55:15 AM PST by karpov
The Democratic candidates for President are promising a smorgasbord of new taxes, but why wait until 2021? Last week Maryland Senator Chris Van Hollen and Virginia Congressman Don Beyer unveiled the Millionaires Surtax Act, a plan to soak the top 0.2%.
The bill would put an extra 10% tax on individual income above $1 million, or $2 million for married couples. This surtax would apply regardless of the income’s source—whether from long-term capital gains, currently taxed at a top rate of 20%, or wages, taxed at rates up to 37%. The legislation’s backers say it would raise $635 billion over a decade, citing an estimate by the left-leaning Tax Policy Center.
Messrs. Van Hollen and Beyer would effectively lift the top tax rate on income to 47%, plus there’s the 3.8% ObamaCare surtax on investment income. Tax rates haven’t been that high in decades. Before Ronald Reagan’s big tax reform in 1986, the top rate was 50%. Since then it hasn’t broken 40%.
The loopholes were also bigger and more numerous then. Reagan’s 1986 law, for example, phased out the deduction for interest on credit cards and car loans. President Trump’s 2017 tax reform narrowed the interest deduction for homeowners, so only the first $750,000 of a mortgage is now eligible.
That 2017 law limited the amount of state and local taxes that can be deducted on a federal return. It used to be unlimited, but now the cap is $10,000. There are plenty of other examples, but the basic point is that the tax base has broadened. This is desirable economically as long as the trade-off is lower rates. If Democrats now try to raise income-tax rates back to their pre-Reagan heights, special interests will soon be busy carving out new loopholes, especially for the affluent.
(Excerpt) Read more at wsj.com ...
Of course they do. That will funnel more and more cash into their personal bank accounts and their “foundations” (which are money laundering fronts for their personal bank accounts).
You are being logical. Forget that.
We are war. The Democrat Fascist Party is trying to overturn an election
If you to stupid to realize what at stake here, don’t waste bandwidth posting your infantile moronic snarks.
You want to be Tokyo Rose for the Democrat Fascist Party then expect to be treated like a traitor.
Get a grip, man.
The wealthy have accountants and financial people who make sure they pay less...this only affects the middle class
You really this stupid? You people’s cocky arrogant ignorance is going to lead you to disaster.
Trump is in grave danger. The same morons who re-elected Obama despite Obamacare can turn on Trump. All the Dems need to do is get a couple of convincing liars up there and public opinion can turn in a heartbeat.
Trump is no sure thing in 2020. The Demcorat Vote Fraud machine is going to pull out all stops.
START paying attention to what the Democrat are doing and see just what an utter disaster their Neo Facist poltical agenda would be for you and your future.
I would think someone from CA would have a keen grasp on how utterly disastrous Democrat Super Majority rule would be for the USA.
That CA is damned to 3rd world failed state status is no reason the rest of the USA should join you.
What? As stupid as you? I’ll bet you spend a lot of time screaming at your TV.
This entire DC pol cabal is full of disgusting frauds.
- Warner, Sen VA, gamed telecommunications from insider information as Senate staffer.
- Van Hollen’s mother was CIA the father deep state State Dept. and he was promoted by them via Harvard/ Georgetown into Maryland state politics
- Beyer “bought out” his father’s Volvo dealership (according to Wikipedia, lol). In the late 90s, I worked for a business consulting firm and met w/ Beyer who was panicked and lost in running the firm.
Of all of these, Warner is the most nefarious and disgusting. I witnessed him and his business pals boozing up female employees of their firm over dinner then prodding them onto his private jet for a Las Vegas trip. I managed to get one of them to let me drive her home and away from the trap. Poor thing was so afraid - and grateful for the protection.
These are scumbags who use leftist politics for power and don’t give a damn about anything else.
Thanks, for your post MNJohnnie. You speak the truth.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.