Skip to comments.Democrats unveil proposal for 'millionaires surtax'
Posted on 11/07/2019 10:01:50 AM PST by yesthatjallen
Rep. Don Beyer (D-Va.) and Sen. Chris Van Hollen (D-Md.) on Thursday rolled out a proposal for a millionaires surtax, amid a growing interest from Democrats in increasing taxes on the wealthy.
This is a bill designed to address two major problems of public policy: the lack of revenue, and inequality, Beyer said on a call with reporters. Its a laser-focused solution that requires those who benefited the most from the economy to contribute in a way they simply havent been asked to before.
The lawmakers bill, which is being co-sponsored by Sen. Sherrod Brown (D-Ohio), would create a 10-percentage point surtax on all income above $2 million for married couples and $1 million for single tax filers.
The surtax would result in the top tax rate on income from wages and salaries increasing from 37 percent to 47 percent, plus a 3.8 percent Medicare surtax. It would result in the top rate on capital gains increasing from 20 percent to 30 percent, plus a 3.8 percent net investment tax.
The Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, has estimated that such a surtax would raise nearly $635 billion over 10 years.
This is revenue generated that we can then invest in helping other Americans succeed, Van Hollen said.
(Excerpt) Read more at thehill.com ...
Millionaires can’t afford to leave the country either.
Because confiscating the wealth of productive people who have made good choices in life to subside unproductive people who have made bad choices in life is an excellent way to create healthy economy and society.
Millionaires either employ others or their money is involved in the employment of others.
People who are given money without working, don’t work themselves and will never create one job.
It can be said they do spark jobs though. The government welfare related work work force is massive.
We pay for that too.
We give away over half a trillion dollars a year, and we pay a massive amount in welfare worker salaries as well.
I’m already paying more than 50% in taxes...
“This is a bill designed to address two major problems of public policy: the lack of revenue, and inequality,”
Anybody pushing a bill to address the major problems of runaway irresponsible spending and waste and the corrosive effects of enciting envy with egalitarian crap?
The problem isn’t that folks have too much money, its that CAPITAL HAS NOT BEEN FLOWING PROPERLY THROUGH THE ECONOMY!!!!
Trump has done more to help the flow of CAPITAL through all strata of the population than any President in the last 40 years at least.
Capital not flowing effectively through all levels of the population will bring about the end of our society...
“...the lack of revenue...”
Federal tax receipts are at an all-time high....but so is spending.
Democrats transferred TRILLIONS in the War on Poverty with no signs that it works. Why should anyone think transferring more will make a difference?
The sad truth.
What one person receives without working for another person must work for without receiving.
The government cannot give to anybody anything that the government does not first take from somebody else.
This “projected wealthy tax” raises $635 billion over 10 years
So Voters, let us do the match.
$75,000,000,000,000 minus 635,000,000,000 leaves $749,365,000,000,000 for the Democrats to find somewhere else. Where do you think they are going to find that money?
The lie about “taxing the wealthy get them no where near. There isn't enough “other spending” in the US Govt budget to make up even a few percentage points of that number.Current Federal Sending yearly is $4.45 trillion
WAKE UP YOU SHEEP. There is ONLY one source for this. You and your children and your grand children will become peons. You all will be locked in a static financial misery forever as tax slaves to fund the Demcorat Facist Goverment.
It will be instructive to see how the hundreds of millionaires in congress have worded the bill to exempt themselves.
“This is revenue generated that we can then invest in helping other Americans succeed,
I think what he really means is “This is stolen money that we can use to make people more dependent on us and continue voting for us”
Cough up Nancy...you’ve got more millions than most of the other Congressmen...
Lambriginis for all...
“to address two major problems of public policy: the lack of revenue, and inequality”
Oh for %$@#$! sake...
The War on Poverty is a prime example of how elite liberals run these programs to "help their poor voters to succeed!"
This plan will never generate the revenue to fund their utopian fraud.
They will be taxing your retirement savings and your increased property values.
Trump is already fixing that problem of “inequity” and he doing it without massively increase in taxes.
The fact of the matter is Trump been the best President “for the little guy” in 50 years. The Democrat Fascists party, contrary to their decades of lying propaganda, has always been the best of friends of the Government class and willing servant of the political donor class at the expense of “the little guy”
No. It is revenue generated that we can give to the lazy and the incompetent in order to buy their votes.
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