Depends upon which side of the peak your current tax rate is on.
Posted on 04/25/2025 12:01:53 PM PDT by E. Pluribus Unum
WASHINGTON (AP) — Why not tax the millionaires?
As Congress begins drafting a massive package for President Donald Trump’s “big, beautiful bill” with trillions of dollars in tax breaks and federal program cuts, it’s a question that won’t seem to go away.
Trump himself has mused he’d “love” to tax wealthier Americans a little bit more, but the Republican president has also repeatedly walked it back. This week, the president dismissed a tax hike as “disruptive” when asked about it at the White House.
But still it swirls.
And it’s setting up a potential showdown between the old guard of the Republican Party, which sees almost any tax hike as contrary to the GOP goal of slashing government, and its rising populist-nationalists, who view a millionaire’s tax as championing working-class voters who helped deliver the White House.
“Bring it, baby,” said former Trump strategist Stephen Bannon on his podcast.
Think of it as Bannon on the one side, versus Newt Gingrich, anti-tax crusader Grover Norquist and others on the other — a debate that once seemed unfathomable for Republicans who have spent generations working to lower taxes and reduce the scope of the federal government.
“I don’t think we’re raising taxes on anybody,” House Speaker Mike Johnson, R-La., said this week on Fox News Channel.
Johnson said there have been lots of ideas thrown out but the Republicans are working against the idea of a tax on millionaires. “I’m not in favor of raising the tax rates because our party is the group that stands against that, traditionally,” he said.
This spring and summer, the Republican-led Congress is determined to make progress on the package, which is central to the party’s domestic policy agenda. It revolves around extending many of the GOP tax cuts that Congress approved in 2017,...
(Excerpt) Read more at apnews.com ...
Why not? They vote rat. Billionaires especially.
Because it doesn’t raise more money and because they will lose Congress if they raise taxes on anybody. Doesn’t matter who it is. It’s bad for the economy and it’s bad for business. Economic ignoramuses.
I just want something that starts paying off our debt and has minimum amount possible for taxation.
Well that should solve things. 🤔. Uh, prolly not.
It’s a waste of time. Billionaires have scores of ways to legally avoid taxes. Raising rates reduces government revenue according to Laffer curve.
Or perhaps this is the opening salvo of abolishing the income tax outright.
One "lucky strike extra" would be the ability to go after politicians who try to hide such conversions, mostly through inappropriate use of campaign funds, for income tax evasion. If it was good enough for the mob, it's good enough for the weasels.
Depends upon which side of the peak your current tax rate is on.
Million+ earners are 1% of population.
Earning less than $100k/ year is the vast majority. Those folks will be crucified if Trump tax cuts are allowed to expire. Winning elections is not every thing, it is the only thing. Losers in election can’t change agenda diddly squat. Sadly increasing tax on million+ earners may the only solution.
Personally I am against any tax increase. But it is stupid to overlook winning elections.
One way that's been used in the past is to simply stop earning income. Bingo! No tax. They may not need the income to live, or may choose to move it offshore. Either way, they don't pay the tax.
On the other hand, with a marginal tax reduction, they'll happily earn more money, pay more tax $$'s and boost the economy.
Especially folks in Hollywood. Tax the s___ out of all rich celebrities.
People that have more than a million in taxable income are worth a lot more than that. They have “people” who will move money and restructure their income streams to reduce their liability.
In the end, their taxable income will probably be lower than it was before the increase. And, Congress will be scratching their heads why it did not work.
A “small” increase would be presented as “feasible” and painless for the ultra rich. In reality, when it doesn’t work, that rate would be applied at $750k, then $500k, and then $200k. It’s a “camel nose under the tent” thing.
Cut the carried interest tax rules.
Wall Street would scream.
You would make a lot of money in tax revenues.
Yacht and Private Jet salesmen would suffer the most.
Why not just kill the "rich" and take all their stuff like the Bolsheviks did?
Isn’t income tax a tax on work?
Carried Interest is a fee that is taxed like an investment. It should be taxed as a fee, which would be the nominal rate. Instead it is treated like a long term capital gain, at 15%.
The return from the actual investment should obviously be taxed as a capital gain.
It’s an old Investment Firm tool that makes them rich without paying tax.
Rhe rich pay pay MORE when taxes are cut, and loopholes are closed.
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