“[F]inally a tax plan has emerged that makes more sense than anything anyone in Congress or the White House has proposed in American taxation in my adulthood.
It is the Fairness in Taxation Act, introduced in the House of Representatives by Congresswoman Jan Schakowsky, and surely on its way to nowhere legislatively. It would provide for higher tax bracket for the rich, the truly rich. Not people making 250,000 dollars a year, not couples making 250,000 dollars a year.
It would provide new tax brackets for millionaires, for real millionaires. For incomes over a million dollars, the new bracket would be 45 percent. Over 10 million dollars, taxes would go up one percent to 46 percent. For incomes over 20 million dollars, it would be 47 percent. For incomes over 100 million dollars, the tax rate would be 48 percent.
And the top tax bracket would be for incomes over a billion dollars at 49 percent.
Those rates on those 21st century incomes, which we now know to be common in our economy—all of those rates are still lower than the top tax bracket when Ronald Reagan was president. All of those tax brackets are more than affordable at those income levels. All of those income levels are now taxed at a maximum of only 35 percent.
And everyone who lives at those income levels, employs at great expense, accountants and lawyers who found legal tax avoidance strategies that reduce their real income tax rate to something far below 35 percent. None of them, not one of them actually pays 35 percent of their income in federal taxation.
No one does, not one taxpayer.
What every Republican is going to continue to lie about in the face of all the facts to the contrary is that tax cuts will magically increase revenue to the federal government. With the Bush tax cuts, we now have a ten-year irrefutable proof that that is a lie.
But you would have to be born yesterday in our politics to believe or hope that there could ever be a mathematical proof or a set of facts that could ever get Republican presidential candidates, even the smart ones who know better, to stop lying about taxes.” - Lawrence O’Donnell, Watch
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