Posted on 04/19/2023 7:57:37 PM PDT by E. Pluribus Unum
A group of Democratic lawmakers and the Patriotic Millionaires, an organization of high-income and high net worth individuals favoring higher taxes on the wealthy, are calling on Congress to pass a 90% income tax on incomes above $100 million as fears of a recession are growing.
Abigail Disney, a documentary filmmaker who is the granddaughter of Roy Disney, cofounder of The Walt Disney Company, joined the lawmakers to call for higher taxes on "extremely high income."
"My grandfather paid a 90% marginal tax rate on his income, and he amassed plenty of wealth in the process," she said at a news conference on Tuesday. "That means rates of up to 90% on incomes over $100 million."
The Patriotic Millionaires are also advocating taxing "all income over $1 million the same regardless of how it is generated, including capital gains income and inheritance income," according to a press release about the organization’s latest tax proposal.
California Democratic Rep. Jimmy Gomez said his tax reform proposal, which Vermont independent Sen. Bernie Sanders is sponsoring in the Senate, would raise estate tax or "death tax" rates. The Republicans implemented a phase-out of the estate tax.
"Our bill will help narrow the wealth gap and raise much needed revenue for investment in the benefits that help working families and our constituents who aren't in line to inherit a fortune," he said.
(Excerpt) Read more at justthenews.com ...
They can pay all they want. They should lead by example
She can write a check any times she pleases to the US Government.
But.... she hasn't and she won't.
Got Hypocrisy?
Plank #3 of the Communist Manifesto: Abolition of all rights of inheritance.
https://laissez-fairerepublic.com/TenPlanks.html
Anyone in favor of this is stupid beyond measure. Any tax claiming to become a tax on only certain people making a certain amount very quickly (very) becomes a tax on EVERYONE. Please try not to be stupid.
If Abigail feels so strongly about it, she’s free to give 90% of her wealth to the government to help fund more bombs for Ukraine.
Meat's not good? Get rid of dining out, prime rib, barbeque. Maybe start chowing down on insect granola.
Taxes too low? Hey, divest yourself. How many congressmen are now multimillionaires?
Do it first without being forced to. Show us the the way. If they did it voluntarily, they would hold far more credibility with me. I am NOT holding my breath...
The rich are able to avoid taxes because they can shelter the income. These people know that.
Again more wedge issuing, more Goldsteins to rail against, to divert attention away from the real puppetmasters.
For instance, Brad Pitt might found "Brad Pitt, LLC," whose sole asset is "the acting services of Brad Pitt." Naturally, Pitt is the President/CEO of "Brad Pitt, LLC."
If a studio wants to hire Pitt, they might pay $10 million to "Brad Pitt, LLC," which then "loans out" the acting services of Brad Pitt to the studio.
Pitt doesn't get the $10 million. His "loan-out company" does. The "loan-out company" then pays an annual salary to Brad Pitt, to be determined by its president (Brad Pitt).
Essentially, Pitt owns his own temp service, which temps out Pitt to the studios.
This means that Pitt hasn't received $10 million for tax purposes. He only gets however much he chooses to pay himself every year. His company only pays a lower corporate tax. And his company can invest its assets until Pitt pays himself (withdraws) any money from it.
Many legal ways for the super-rich to avoid taxes.
I’d like to see their tax returns and see what deductions — I mean loopholes —they’re taking advantage of to lower their tax burden.
They can set an example and send in 90 percent of their wealth.
Millionaires don’t generate “income” like the little people. Their wealth comes in via other revenue streams that aren’t subject to withholding on a W-2.
If Ms. Disney thinks inheritance taxes are good, why doesn’t she give up all her inherited wealth and try to do something on her own.
I wonder how many of these obscenely wealthy people do so. My guess would be.....nearly none!
There is nothing stopping these ‘Patriotic Millionaires’ from paying as much tax as they want. The IRS even has a form for it.
Of course these ‘Patriotic Millionaires’ don’t actually want to pay THEIR money into it. They are propagandizing to force everyone else into paying more, while they hide their dough in foundations and shell corporations.
You can more taxes if you feel like it.
Im going to take a wild guess and say that they don’t.
Yep, just write a check to the IRS as a gift, nothing stopping anyone from doing it!
No one paid those 90% nominal rates.
regardless of scheme they’ve historically collected 15%-25% of the GDP in tax revenue. They’ve never collected over 25% of GDP but have been spending over that for years on end.
“...are calling on Congress to pass a 90% income tax on incomes above $100 million as fears of a recession are growing.”
I’m good with it, since something like 98% of the uber-wealthy give HUGE MONEY to the Democrats.
Nothing prevents them now from offering over and above the tax due as a “donation”.
That’s one for you nineteen for me
how many tax returns are there with over 100 million of income?
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