House Dems Want 45% Taxes on $1M Incomes
Baby steps. They will never be happy since no amount will make them content. You can’t negotiate with terrorists.
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On Thursday, House Democrats proposed a new bill that would create a minimum 45 percent tax rate on income more than $1 million, and a rate of 49 percent on income more than $1 billion. Rep. Jan Schakowsky (D-IL) is the mastermind behind this notion; she calls it the Fairness in Taxation Act. “Our country faces an inequality crisis,” she said. “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.” Other sponsors of the bill include the most liberal members of the Congress: John Conyers (D-MI), Donna Edwards (D-MD), Luis Guttierez (D-IL), Barbara Lee (D-CA), Betty McCollum (D-MN), and John Yarmuth (D-KY).
Of course, the Obama administration rammed through a tax increase at the beginning of 2013, and focused largely on measures designed to redistribute income to low-income earners throughout President Obama’s first term. The result: the weakest and most lopsided recovery in American history. In California, where taxes have been consistently increased for years, more and more businesses and high-income earners are leaving the state for greener pastures.