Make the system MORE “progressive” (like cancer, presumably)???? What an idiot. We need more people understanding government is too big, not more people that think it’s a magic lamp. Pare Romney’s 47% back down to 10% or something.
Make it 95% on rich DEMOCRATS and I’ll support it. If, as democrats say people don’t mind paying higher taxes then let them put their money where their mouth is.
I know the argument that cutting taxes on the rich will help create jobs, but I’ve never been hired by a rich individual. I’ve been hired by corporations. As long as they cut corporate taxes I’m not getting worked up over this. The rich will find a way to avoid paying anyway.
Four people have told me that this story is a crock.
According to a super secret source who is not authorized to disclose anything to anyone, this is fake news.
TWB
Get your snout out of health care and you won’t need any tax increases.
Make a change guaranteed to boost the economy more than any other change might do that doesn’t starve the government of revenue- a flat income tax of 9% or thereabouts, no deductions, exemptions, or credits. The government will not lose revenue and in the second year will increasingly gain revenue, that feature being the chief drawback.
They don’t call ‘em “very rich” for nothing!!! They can AFFORD it!!! ;)
That bastard! He’ll force all of us rich guys to get our income through lower taxed dividends and capital gains! /S
Also, this is racist—it will hit high-wage earners like athletes and celebrities much harder than investors, mostly white, who will be taxed at lower capital gains rates. Minorities hardest hit, as usual.
Some years, I pay that now.
Normally closer to 30% after the local, state, and federal taxes. But a few times I sold some things and had a major tax hit (Trust went into effect).
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.
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.
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?