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Dems propose minimum 45 percent tax rate on income above $1 million
The Hill ^

Posted on 04/26/2013 2:43:47 PM PDT by Sub-Driver

Dems propose minimum 45 percent tax rate on income above $1 million By Pete Kasperowicz - 04/26/13 10:00 AM ET

Several House Democrats on Thursday introduced legislation that would impose a minimum 45 percent tax rate on taxable income above $1 million, and would set a 49 percent rate on income above $1 billion.

The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation's wealth back into the hands of middle- and lower-income workers.

"Our country faces an inequality crisis," she said Thursday. "While the amount of earned income — and accumulated wealth — by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades.

"We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class," she added.

For taxable income from $1 million to $10 million, the bill would set a 45 percent tax rate. That rate increases to 46 percent for income between $10 million and 20 million, 47 percent for income between $20 million and $100 million, and 48 percent for income between $100 million and $1 billion.

Schakowsky pointed to a Congressional Research Service study that said raising tax rates on the wealthy has "little to no impact on macroeconomic growth."

Her bill is co-sponsored by Reps. John Conyers (D-Mich.), Donna Edwards (D-Md.), Luis Gutierrez (D-Ill.), Barbara Lee (D-Calif.), Betty McCollum (D-Minn.) and John Yarmuth (D-Ky.).


TOPICS: Business/Economy; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: taxes
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As Margaret Thatcher once said - "The problem with socialism is that at some point you run out of other people's money".........
1 posted on 04/26/2013 2:43:47 PM PDT by Sub-Driver
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To: Sub-Driver

Well gee, why not make it an even half?


2 posted on 04/26/2013 2:45:29 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Sub-Driver

Would that include any money that they themselves have taken in the form of bribes and kickbacks, or will they exempt themselves?


3 posted on 04/26/2013 2:45:59 PM PDT by Howie66 (Molon Labe, Traitors!)
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To: Sub-Driver
The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation's wealth back into the hands of middle- and lower-income workers.

Uh, correct me if I am wrong, but wouldn't this tax actually put the nation's wealth in the hands of elitist, socialist politicians?

4 posted on 04/26/2013 2:46:29 PM PDT by fhayek
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To: Sub-Driver

Thieves


5 posted on 04/26/2013 2:46:39 PM PDT by onedoug
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To: Sub-Driver
Betty McCollum (D-Minn.)

old fat Betty bam ba lam

6 posted on 04/26/2013 2:46:47 PM PDT by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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To: Sub-Driver

A 50% tax on everyone would be spent by these idiots in two months.


7 posted on 04/26/2013 2:47:18 PM PDT by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: Sub-Driver
"The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation's wealth back into the hands of middle- and lower-income workers."

The rank ignorance, and utter economic illiteracy is so appalling, it's unbelievable. It sounds like a the ranting of a third-world banana republic official.

Are we sure this wasn't Maxine Waters spouting this gibberish?

8 posted on 04/26/2013 2:47:37 PM PDT by fwdude ( You cannot compromise with that which you must defeat.)
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To: Sub-Driver

Leeches like Schakowsky should end up in prison for
theft and out right robbery, how unAmerican can you get!


9 posted on 04/26/2013 2:49:40 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: Sub-Driver

Way too hign. Those people need to be motivated to invest, be productive and take risk. We all benefit from that. They are proposing government by the government and for the government. In no way possible does that make this a better country. Socialism/ Marxism is EVIL!!!!!


10 posted on 04/26/2013 2:50:24 PM PDT by RatRipper (Self-centeredness, greed, envy, deceit and lawless corruption has killed this once great nation.)
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To: Sub-Driver

I have an idea, Libtard.

How about taxing unfunded pensions at 85%?

The source of Government revenue is business, this will cause LESS money to go to Government.

There is no fixing the Commie Democrat Keynsian mind, they want more to spend (waste) on useless Government workers and handouts to people who vote for them.

What a lunatic.


11 posted on 04/26/2013 2:50:30 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: fwdude

“The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (D-Ill.), who said the bill would help put the nation’s wealth back into the hands of government”,
where she could spend it so much better than the people
who actually made it.

Sickening.


12 posted on 04/26/2013 2:51:44 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: cripplecreek

If they want revenue, propose a 45% tax on all income above $100,000, or $80,000. If they want to punish evil millionaires, propose a 90% tax on all income above a million. Or better yet, all income above $500,000. Why should anyone make more than $500,000? The Dems should propose to simply take it from them, with an exemption for actors and other Hollywood types, of course.


13 posted on 04/26/2013 2:51:57 PM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Sub-Driver

First, if they know you’re going to take it from them, someone with a million plus in income is going to try to configure it so it doesn’t show up as income.

Second, taxing his millions doesn’t do anything to correct any supposed “inequality”. Taxing his money just hands it over to the government. Your paycheck doesn’t go up by even a dime.

Thirdly, if he’s making a million plus per year, aside from a few entertainers or sports figures, he’s no doubt in business. The tax gets rolled into the cost of doing business. You pay the tax when you buy the product. He just collects it and hands it over.


14 posted on 04/26/2013 2:52:22 PM PDT by marron
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To: Sub-Driver

Eh, nothing new here.


15 posted on 04/26/2013 2:52:49 PM PDT by RginTN
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To: Sub-Driver
People at that level will just quit working or generating taxable income.

These goofballs can do that one time. No repeats year-to-year.

Idiots.

16 posted on 04/26/2013 2:53:59 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: Sub-Driver

Let’s try this tax increase on those living in solid blue Congressional districts and see how well it works.

If the libs want higher taxes on the rich, lets start with their rich first.


17 posted on 04/26/2013 2:54:02 PM PDT by Alex in chains
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To: Sub-Driver

What will the Matt Damon, Michael Moore, Sean Penn crowd say when they literally lose 65% of their earnings? Will they sing Mao’s praises when even capital gains are taxed at outrageous percentages?

At some point, lead will fly. The Liberals sniff money in retirements plans, pensions and the like...they cannot and will not stop spending on fat lesbian studies, ObamaPhone and subsidizing the hungry of Mexico on our dime. They will quit paying themselves for life.

This is going to end horribly. They are broke and need to eat...so they now begin to steal.


18 posted on 04/26/2013 2:54:04 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Sub-Driver
a fine is a tax for doing bad... a tax is a fine for doing good!!!
19 posted on 04/26/2013 2:54:17 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: Sub-Driver

Typical bottom-feeding socialist scumbag naming tactic. They to sell their crap with a fancy name. “The Fairness in Taxation Act” rapes achievers while half the people in the nation pay zip, zero, nada, bupkis, nothing in federal income taxes to support the massive socialist parasite-enriching agenda. And that is what they call “Fairness in Taxation”.


20 posted on 04/26/2013 2:57:09 PM PDT by Proud2BeRight
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