Rate on Income Above $1 Million
Several House Democrats on Thursday introduced legislation that would impose a minimum 45 percent tax rate on taxable income above $1 million, and would set a 49 percent rate on income above $1 billion.
The Fairness in Taxation Act, HR1723, was proposed by Rep. Jan Schakowsky (P-IL), who said the bill would help put the nation's wealth back into the hands of middle- and lower-income workers.
"Our country faces an inequality crisis," she said Thursday. "While the amount of earned income -- and accumulated wealth -- by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades.
"We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class," she added.
For taxable income from $1 million to $10 million, the bill would set a 45% tax rate. That rate increases to 46% for income between $10 million and 20 million, 47% for income between $20 million and $100 million, and 48% for income between $100 million and $1 billion.
Schakowsky pointed to a Congressional Research Service study that said raising tax rates on the wealthy has "little to no impact on macroeconomic growth."
Her bill is co-sponsored by Reps. John Conyers (P-MI), Donna Edwards (P-MD), Luis Gutierrez (P-IL), Barbara Lee (P-CA), Betty McCollum (D-MN) and John Yarmuth (D-KY).
READ FULL SOURCE ARTICLE: 04/26/2013
Editor's Note: Proposed by a raging Progressive and back by four more and two "useful idiot" Democrats...Ask yourself, honestly, when have you ever -- ever -- heard a Progressive speak of reducing taxes, cutting spending or limiting government?...
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