Democrats propose new tax brackets for millionaires, billionaires

[Freeper]

Shallah Kali  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:27 PM
Original message
Democrats propose new tax brackets for millionaires, billionaires
   
Edited on Wed Mar-16-11 07:01 PM by Shallah Kali
http://www.cbsnews.com/8301-503544_162-20043928-503544....


"This isn't about punishment or revenge. It's about fairness," Schakowsky said. "It's about avoiding budget cuts that harm middle class families and those who aspire to it. We can choose to cut education, job creation and health care, or we can choose to ask those who can contribute more to do so."

Currently, the top tax bracket begins at an income of $373,000 per year; income above that level is taxed at 35 percent. Schakowsky contends this fails to distinguish between the "well off" and the superrich, such as a group of hedge fund managers whose average income last year topped $1 billion.

Schakowsky's bill, called the Fairness in Taxation Act, would tax income between $1 million and $10 million at a rate of 45 percent. Income between $10 and $20 million would be taxed at a rate of 46 percent, and income between $20 and $100 million would be taxed at 47 percent.

Income between $100 million and $1 billion would be taxed at a rate of 48 percent, and income over $1 billion would be taxed at 49 percent. For those making over $1 million a year, capital gains and dividends would also be taxed as income.


Schakowsky Introduces Bill to Tax Millionaires and Billionaires
http://schakowsky.house.gov/index.php?option=com_conten...

“In the United States today, the richest 1% owns 34 % of our nation’s wealth – that’s more than the entire bottom 90%, who own just 29% of the country’s wealth,” said Rep. Schakowsky. “And the top one-hundredth of 1% now makes an average of $27 million per household per year. The average income for the bottom 90% of Americans? $31,244. It’s time for millionaires and billionaires to pay their fair share, which is why I introduced the Fairness in Taxation Act. This isn’t about punishment or revenge. It’s about fairness. It’s about avoiding budget cuts that harm middle class families and those who aspire to it. We can choose to cut education, job creation and health care, or we can choose to ask those who can contribute more to do so.”


The current top tax bracket begins at $373,000 in income and fails to distinguish between the “well off” and billionaires – like the top 20 hedge fund managers whose average income last year was over $1 billion.


snip

The bill would also tax capital gains and dividend income as ordinary income for those taxpayers with income over $1 million. If enacted in 2011, the Fairness in Taxation Act would raise more than $78 billion.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x664907

Hey great idea then we can get what is leftover by having the states take the rest.

Vincardog  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:29 PM
Response to Original message
1. Top tax rate of 49% is not progressive enough.

That's just a hair away from half and that still isn't enough for these goons.

slay  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:35 PM
Response to Reply #1
6. +1
   
if you have over $100 million dollars, you should be paying 75% AT LEAST in taxes. That would still leave you with 25 MILLION DOLLARS - most regular people like you and I won't make that much money EVER.

75% at least so even 75% won't be enough. Figure in another 10 to 15% for state taxes and we can have almost all of it.

Vincardog  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:45 PM
Response to Reply #7
12. IT is time for an AMT for CORPORATIONS

And when the price of cheetos goes up you will bitch about those greedy corporation ****ers.

Johnny_dollar  (26 posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 08:02 PM
Response to Reply #1
15. +1
   
Amen! When we had a top rate of 91%, there was full employment and nearly universal prosperity. Proof that high rates don't stifle productivity.

Now, the rich and super rich pay a pittance, and are accumulating all of the country's tangible assets. The peasantry is being reduced to subsistence level.

 

Drale  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:29 PM
Response to Original message
2. Hopefully they keep these ideas
   
when they retake the house in 2012.

Yep hopefully they will keep these ideas that should keep them out of DC for a long time.

Abq_Sarah  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:33 PM
Response to Original message
4. Other than atheletes and movie stars
   
How many people actually earn an income between 20-100 million? Most of the super rich aren't earning that money through job income.

How many people on welfare earn their money?

aquart  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:38 PM
Response to Original message
8. No. 49% in time of war will not buy bullets. 90% in time of war.
   
THAT is where we start bargaining. 90% over $7 million. If you cannot be comfortable on $7 million you need someone to show you how to budget.

 

[thundley4]

That bitch Skankowski is a typical tax and spend Illinois DemRat.

[BlueStateSaint]

Ya know what the best part of this is?  This bill, according to the Constitution, has to start in the House of Representatives.  With the Republicans augmented by the Tea Partiers in control, guess what the chances of this bill seeing the light of day are?  (Hint--it's not an integer, but it is a whole number.)

[GOBUCKS]

slay  Donating Member  (1000+ posts) Wed Mar-16-11 06:35 PM
Response to Reply #1
most regular people like you and I won't make that much money EVER.

Surely no one believes that DUmmy slay and his DUmpmates are regular people.

[true_blood]

slay  Donating Member  (1000+ posts) Wed Mar-16-11 06:35 PM
Response to Reply #1
most regular people like you and I won't make that much money EVER.

I know I will never make that much money. STILL, I don't want to tax them to death!! And yet, still I go to work everyday.
Primitives/liberals could learn A LOTfrom conservatives.

[jukin]

What all this boils down to is:

A) Do you believe that unmotivated bureaucrats in a far off magical city called WDC will invest with better returns for society as a whole.

OR

B) Do you believe that highly motivated individuals in your locality will invest with better returns for society as a whole.

For me it is hands down Option B.

[Doc Savage]

slay  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Wed Mar-16-11 06:35 PM
Response to Reply #1
6. +1
   
if you have over $100 million dollars, you should be paying 75% AT LEAST in taxes. That would still leave you with 25 MILLION DOLLARS - most regular people like you and I won't make that much money EVER.

Hey SLAY,  listen up you putz.  It is an Income tax, not a total wealth tax.  I have 101 million bucks in buckets in the back yard, and I do not work, my income tax liability is ZERO, NADA, ZILCH.  If you are going to tax me at 49% for making the same money that Arianna Huffington or George Soros makes, well, I guess I will just quit working and live off savings.  With interest rates at 0.25% my tax liabilty will not be too great.  Fund your high speed rail then dummie.

[Happy Fun Ball]

if you have over $100 million dollars, you should be paying 75% AT LEAST in taxes. That would still leave you with 25 MILLION DOLLARS - most regular people like you and I won't make that much money EVER.

There are two ways to make that kind of money. The old fashioned way, but that involves work, and we all know that work to a DUmmie is like the sun to a vampire. Or you could just wait until Obama spends us into a hyperinflated oblivion.

[dandi]

DUmmies remind me of some people I've known and their fantasies of winning the lottery. They go to the store every Friday and buy those tickets, playing the same numbers each time, knowing in their hearts that one day they will hit that jackpot. No question of if, it's just when. Because of that, they just kind of lay back and watch the world go by and dream of how they'll spend it, never worrying about how they could improve their lives in the interim.

So it is with DUmmies, except the weekly trip to the grocery store is replaced with the bi-annual trip to the polls and the ticket is whatever pandering class warrior they get duped into voting for. Then they, too, kick back and wait for that big entitlement bonanza that'll put them on Easy Street for the rest of their lives. When their ticket turns out to be a dud, they may play the same one the next round or they may try some new numbers, but the odds remain the same.

It's a pathetically self-deluding outlook, but I think I respect the former group more. At least they have a sort of cockeyed optimism whereas the DUmmies bellow out in bitter rage when their numbers don't come in. They don't just expect the winnings, they demand them, and if it means robbing from someone else then so be it.