We've been over this before. A top rate of 50% would be reasonable, as long as it includes income from "capital gains" (or hedge fund gambling). As I've said before I would support a MORE progressive income tax. I makes no sense to me that David Tepper who made $4 billion last year pays a lower tax rate than you or I do.
So start with 5% for those making $25,000 - $50,000; 10% for those making $50,000 - $100,000; 15% for those make $100,000 - $200,000; 20% for those making $250,000 - $500,000; 25% for those making $500,000 - $5 million; 30% for those making $5 million to $25 million; 35% for those making $25 million - $100 million; 40% for those making $100 million - $500 million; 45% for those making $500 million - $1 billion; 50% on everything over $1 billion.
How's that sound?
First, thank you for making the effort.
Second, how much revenue would that actually provide to the Federal government?
I'm not sure. Other issues would have to be address - loopholes, deductions - some of which should be kept and others phased out, but definitely simplified.
But, putting that aside, do you think something along these lines would be fair?
1) I don't believe any tax over 30% is fair to anybody.
2) Please work the numbers for your plan and let us know how much revenue that would provide to the Federal government. I suspect that it will be far short of what the Federal government has been spending the past 2 years, but I'm willing to be proven wrong. But you need to actually do the math and come up with a bottom line number, otherwise, you're just shooting in the dark.
SB, please educate yourself on the history of our country regarding taxation.
Taxing the rich to pay off a huge and out of control National Debt - HAS BEEN DONE BEFORE.
With EXTREMELY beneficial results.
At the end of WWII, America had a proportionally LARGER National Debt than we have now.
So, taxes were raised on the rich.
Raised WAY up TO 60-70%.
The result was that the National Debt was painlessly paid off, and a long period of sustained prosperity ensued.
There was a massive expansion of the middle class and the American quality of life soared.
NONE of the present-day right-wing BS scaremongering of how raising taxes on the rich is supposedly bad for the economy proved to be true at all.
If only you bothered to educate yourself about the history of our country and the actual facts.