Where has it gotten us? Raise taxes on all income over 1 million dollars, in increments of 5 million dollars. Ex) 40% for income over 1 million; 42.5% for income over 5 million; 45% for income over 10 million, and so on.
Actors/actresses, professional athletes, entertainers, reality TV mutants, Bank CEOS, Wall Street (of which I am a part--commodities trader) and the list goes on, will not be hurt in the least.
We need to invest in the United States again. We need to rebuild our infrastructure, an infrastructure that has gone form a top 5 international ranking to 17th in a decade. We need to invest in science and medicine. The trickle-down theory does not work. it was only stimulus--that was why HW Bush had to raise taxes. With the top 2% seeing their incomes grow by 300+% over the past 3 decades, and with the same top 2% receiving 93% of all post recession income gains, the system needs to be reformed.
If we can send soldiers--avg. salary of $42,000-- to the Middle East to die, we can ask millionaires to pay more.
For rich investors to get a break on income that happens to come from their investments, rather than as a pay check, is unfair. We are committed to progressive taxation in the USA, following a system in which the more you make, the more you pay. Letting taxpayers in the highest brackets avoid paying their fair share of tax by giving them a big break on one particular kind of income is unjust, and has contributed to the growing inequality in our nation.
We keep hearing about small businesses creating jobs. I don't think that millionaires and billionaires are people with small businesses. Also after the tax rate was lowered by GWB for the wealthy the number of jobs being created plummeted. I think that the tax rate should actually be returned to that of the Eisenhower administration where the highest I believe was 91%, depending on your earnings. Maybe then we will be able to do something about our crumbling infrastructure.
The U.S. should raise the 15% tax millionaire and billionaire investors pay on their private equity gains to 35%, as a potential way to reduce the budget deficit. Millionaires and billionaires can afford to pay the extra amount, and this will help redistribute the wealth, which is essential in a truly free democratic country.
I believe in higher taxation for millionaires and billionaires, because those people can afford to spend some of their wealth for the greater good. They should do so as well out of solidarity with the weaker people in society. I believe a democratic, decent society only works if people that have more than others fulfill their obligation of taking care of weaker society members.
Equality in taxing is the only thing that can make capitalism fair to everyone in all economic and social classes. What I mean by equality isn't a flat tax rate across the board. Equality in taxes, in my opinion, would be asking higher percentages from those making more money. In other words, the more you make in a year, the higher percentage of tax you pay. This is the only way to correct the ongoing growing gap between social and economic classes.
Every American has the duty to pay taxes for the support of the government and the betterment of society. Working for one's income is a cherished principle in America. Yet many of the extremely rich do not pay their fair portion of taxes on income, which they did little to no work to receive. This income should be taxed according to the normal tax rate, which is 35%.
The wealth in the United States is skewed so badly that it needs to be equaled out somehow and it makes sense that those who can afford it should be required to help. At times, up to 17% of the population is living below the federal poverty line. If one in every six people is considered poor and this could be resolved by a small group of millionaires and billionaires being taxed then raising the tax by 20% is a perfect solution!
Millionaires and billionaires should be taxed more heavily on investing gains. Hoarding money is not good for any economy anywhere, except for the people hoarding the money. It slows down the economy and can create recessions, like the U.S is currently having. Taxing the rich on their private gains will help the government redistribute the wealth to those who need it.
The concentration of wealth in the country is egregiously high, only by restructuring the wealth can we ensure long term stability inside the country. A number of recent books have investigated this and made a compelling argument in favor of such taxation. Indeed, during the 60s (when the US experienced the highest rate of growth in its history) there was a much greater tax on the wealthiest few for just such a reason.
In the constitution, it says, and I quote, ‘ALL MEN ARE TREATED EQUAL’. All men. Not just the poor are equal to the poor and keep the same taxes, and the wealthy people have to pay an increased tax, NO. You and that rich guy's son Bob and that rich woman's daughter Mary, their parents and your parents have to pay the same tax. THEY ARE BOTH EQUAL. MONEY DOESN'T MATTER!!! IT DOESN'T MAKE YOU HAPPY!!!
More than doubling the tax on their investments does one main thing: discourage investments. This means that businesses will be less likely to expand, (and havfe less money to do so) meaning less job creation and economic growth. So, this measure would harm the economy severely, and actually do little to improve our deficit problem. Low taxes on income, and land values are less harmful on the economy.
Ever since the 16th Amendment authorized the federal government to tax people's income, it has been used as a tool of class warfare, particularly among those who believe that people should pay higher tax rates if they have more money to pay. It is unfair for the law to treat people differently, based on their level of income, in any way, and that includes tax rates. There is also growing evidence to suggest that tax increases retard economic growth. Based on past history, can the government even be trusted with the money they are making in tax revenues, let alone more of it? Additionally, relying primarily on rich people as a source of tax revenue can backfire. When the economy falters, they, too, suffer. If anything, the capital gains tax should be lowered.
When nearly 40% of the American population is not paying taxes, I do not believe that it is fair to pick up the slack by aggressively punishing millionaires and billionaires for their financial success. Most of those millionaires and billionaires are already paying their dues, not only by paying taxes, but by employing and consuming at a higher level.
Punishing the rich is always attractive to the masses, as class warfare has always had a strong rhetorical appeal. Yet, if someone thinks through the issue without emotion, it is only logical to let wealthy people keep more of their wealth. The more capital wealthy people have, the more likely they are to invest their money into the economy. I have never gotten a job from a poor person. Investors should be encouraged to make money, so that they may turn around and put it back into the economy.
Adding a higher tax on the rich and thus making it harder for them to buy things will only discourage them from buying things here in America, so they will spend their money elsewhere which would not help our economy.
I believe in free enterprise and do not support any additional taxes on the wealthiest in the United States. The wealthy already pay their fair share of taxes and to tax them more to "level the playing field" is just not in the spirit of the American dream. If they earned it, inherited it or won it in the lottery they should be able to keep it.
The very rich invest in companies (through their stocks and mutual funds holding their stocks) that provide jobs for thousands of Americans. They were already taxed on the money that they used to invest; this would constitute an additional, and unfair, tax burden. Further taxation would serve as a drag on job creation; is especially ill advised in the current economic climate.