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Tell us about the common folks you know with incomes over a million a year?
According to former Maryland Governor Martin O' Malley any married couple with a combined income of $100,000/year were the "undeservedly wealthy" and should have a higher tax rate.
For reference, that would have been a couple of mid-career teachers or police officers as well as a number of other occupations.
It was killed in the Legislature when the saner heads disposed of it.
Top capital gains and dividends tax rate of 44.6%. Also he is proposing a "death tax". Biden’s proposed capital gains tax hike will also hit many families when parents pass away. Biden has proposed adding a second Death Tax (separate from and in addition to the existing Death Tax) by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — a forced realization event.
I believe the MAXIMUM capital gains tax should never exceed a persons regular tax rate for short term capital gains and a reduced rate for long term capital gains.
Well then, the only companies getting wealthy will be the ones protected by the corrupt politicians in Congress. The corrupt politicians will write punitive paws and regs, but they will insert targeted carve outs in the law, to allow their corporate friends and cronies to pay little to no taxes. Even if corporations do pay taxes, the corrupt politicians will create taxpayer funded subsides and grants to offset any taxes or fees paid by these friends of government.
Meanwhile, the corporations who are not friends and cronies of the politicians, will suffer the full brunt federal taxes and regulatory fees. No tax breaks or taxpayer subsides for you.
The goal by the fascist corroptocrats, is to write laws and regulations which punish the competition of the friends and cronies of government. These unaffiliated businesses will be made to suffer, to ensure the friends of government gain the majority share of the market.
It's called creating winners and losers thru carefully written federal laws and regs.
Big difference between a couple making 100k and a million.
The Forbes article states billionaires pay an average individual tax rate of 8.2% . Are you OK with that assuming your tax rate is higher?
I think you REALLY missed the point.
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