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.).
I just knew they would be coming for me sooner or later :-)
Explains those 1000 bullets DHS has stocked up for every living person in country.
I say : Put all of the ‘Rats in debtor’s prison until the budget is balanced and the US National Debt is paid off.
That will cut down on the number of millionaires and billionaires ... and increase the number of off-shore bank accounts.
Not to speak of Jihadi welfare payments.
These morons in government just cannot seem the grasp our opposition to these tax increases. It’s not because we’re greedy, you a-holes. It’s because we know the money will be frittered away by your stupid, inefficient, nonsensical spending programs that only aid the indolent, the unions, and illegal aliens. You are taking our money to fund your pet projects. WHY would we be happy about that?
Who will be exempt from this also ?
Well, well. We may finally hear some howling from Hollywood now. Who were the celebs that said they didn’t have a problem paying more taxes?
I say go for it! The ONLY way we are going to get the limousine libs, the working class fools and the moochers to understand that sucking the rich dry will not work is to let them see first hand what happens when the economy dries up like a plum in the desert. As I’ve said and many other before me have said, things have to get a lot worse before can they get better.
I say that it would be best if once a businessman reaches a certain number of full time employees he then pays NO TAX.
The benefit provided by so many jobs is payment enough.
Any taxing of the business merely increases the cost of the goods produced for all.
This sound logic is incomprehensible to socialists though...we are effing doomed.
Republicans should respond by proposing a bill that would set the minimum tax rate to 10% and the maximum tax rate to 25%
The professional commie thieves are at it again. They can’t get elected if they’re not stealing other people’s money.
You mean like her husband ended up in prison?
Well said.
Hell, why not just take everything over $1M? Who “needs” that much money anyway?
Why not pass the tax and then every year cut a check for every citizen. Directly from the 1% to the average Joe.
If you’re going to redistribute income why not do DIRECT redistribution.
And that money would NOT be taxable income to those who recieve it.
What’s that? They wouldn’t agree to this arrangement? Oh, it’s not JUST about the money but about who CONTROLS the money. Uh, who’d a thunk it.
I hate liberals so much. Very few people make SALARIES over a million per year. Athletes, some stars maybe. But consider that Warren Buffett only takes a "salary" of $100K/yr. While his investments make billions. And even then owes $1 Billion in overdue taxes.
And honestly NOBODY makes a billion dollars in SALARY.
An empty headed, meaningless gesture to the cretins that make up about 47% of our population.
I'd love to ask a welfare recipient if they even KNOW where the $ comes from to pay for their SNAP, EBT, Section 8 housing, "free" school meals.
They'd better get on their faces and kiss the feet of those who work hard to provide for them.
weird they would do this seeing as they are the party of the rich, most of their money comes form the west coast, Hollywood and the north east, our support and money is in the south and Midwest and AK.
Richest counties go to the Dems, the stars go for the Dems, then there are the hedge fund crew, wall street, Morgan Stanley , Soros Buffett
Hey let them do it and then go after their off shore accounts.
Yea I know it’s never going to happen
just said the same, the Dems are the party of the rich, stars and wall street
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.