Posted on 07/26/2017 5:10:06 PM PDT by sunrise_sunset
Top White House adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.
New Jersey relies so heavily on tax revenue from high-income taxpayers that they had to redo their income tax forecast when a single taxpayer moved to Florida a couple of years ago to escape the state's tax burden. The guy's name is David Tepper, a top hedge fund manager. It was estimated that he paid approximately $100 million in state income taxes every year for several years in a row.
Have there been any tweets by the Trump team about this? We will see if this turns out to be true or is just fake news.
I don’t know if this is FAKE NEWS or not, but I am against anything that makes the income tax MORE progressive. Don’t punish success. I am for a low, FLAT tax rate with NO loopholes or deductions, that EVERYONE with an income pays, whether you make $10 or $10 million. And if you think the tax rate is too high for you, then don’t ask anyone else to pay that rate or more.
Art laffs at the estimates of revenue this will raise...
Bannon is disappointing on economic issues, for sure.
The Democrats love your idea, except one small modification of extending it down to anything over $500K.
I think we should impose an entertainment tax. Its a non essential product, and most that work in that industry contribute to democrats and yelp about how the government needs to do more for the poor.
Since the Super Rich gave millions to Bernie and Hillary, they obviously have more money than sense, and they never met a welfare program they didn’t support, so they surely wouldn’t mind a tax rate of at least 50%. The Democrats call that “investing” In the future. The Middle Class is broke from having their pay checks robbed by government and their jobs shipped to other countries.
I don't want my taxes cut if it depends upon the $5 million plus crowd paying more.
Reduce everyone's taxes and cut the size of the Federal Government.
ML/NJ
It saddens me to see folks at a site like this, theoretically devoted to individual Freedom, make excuses for the evil of progressive taxation.
Good Lord, this is inexcusable to even consider.
Some here sound like Paul Ryan in that if we just make a complex plan to shift things here and make wild assumptions about individuals’ future choices there... then we can have our progressive cake and claim to be eating it too.
The answer is to raise taxes on the half of American’s not paying a net federal income tax!
We can’t keep sheltering half and more of the nation and punishing both the other half and our grandchildren. Or we will NEVER reduce the wild spending - which unquestionably is the problem, not too little taxing. Sheeesh.
A switch to sales-based taxes is the best way to go, even if that means being stuck with income AND sales taxes. Because everybody would pay the sales tax so it would be step in the correct direction.
The more voting age Americans that feel pain when federal dollars are spent the better.
All I’m point out is the nominal rate means nothing on the surface.
Terrible idea. This introduces a new level that will slide down the scale year after year. Need fewer levels not more.
Too funny. It doesn’t do a thing. The tax rate can be 100 percent and the rich will not pay a penny. Remember Trump himself didn’t pay a penny for 10 years. Don’t worry about the rich “Still Thinking”, they will survive.
So after all the super rich have lawyered up and/or left the country with their capital, how will he pay for the tax cuts after year one?
Any new tax law should include adding a line on every tax return form for voluntary additional tax payments for every American that feels under-taxed. Challenge the liberals to put their money where their mouths are.
The real swindle is not that the rich don’t pay enough taxes.
The real swindle is that the majority of them are democrats.
Most of the billionaires , from my observation, are “progressives”.
I didn’t say I was really FOR it and didn’t intend to convey that.
“The old “soak the rich” virus is alive and well...”
Yes.
Or as Christ might put it: beware the leaven of the unFairisees !
We already have one whole dang party whose economic platform is based solely on the sin of envy. We need one party to at least pretend to be above that.
1. I bet this is a lie.
2. If it isn’t a lie, he is an idiot.
3. See #1.
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