Do you support a 70% income tax on individuals who make 10 million+ annually?
No. It should be 10%, 15%, 25%, and 30%.
10% For anyone under age 20, 15% for more than 50k, 25% for more than 150k, and 30% for more than 1 million. Thats it.
Yes I support it. Because it's called a top marginal tax rate and 70% of income of a millionare (that has 10 million) is not actually taken from them.
Excellent answer, however, you might have to explain to most users what a marginal tax rate means because I doubt that many understand what it is.
BuT tAx aRe BaD! TaX aRe ThEfT! I mIgHt Be RiCh OnE dAy!
They will just move more money around now to pay less. The percentage they are taxed is not as much a problem as the laws that allow them to shift money around to pay less.
I oppose all income tax
No, we don’t need to go back to the politics of envy and jealousy.
Do you want to have all of our rich move to tax havens?
That's what this question is actually asking.
70% MARGINAL tax on every dollar over $10M? Absolutely.
Historically speaking, 70% is generous.
They keep forgetting that word. They probably don't even know how a marginal tax rate works.
They probably have no idea that a marginal tax rate of 70% would make the effective tax rate ~40% after deductions and loopholes, either.
To be clear the 70% rate is the marginal tax rate on every dollar earned over $10 million (or what the dollar amount is).
Asia ... who cares? It’s an onerous punitive regressive tax. Only greedy leftists would embrace such a moronic economy-killing tax.
Lol its funny we had marginal tax rates as high as 90% under Eisenhower and from about the mid 1930s to the late 70s and early 80s before Reagan took office it never fell below 70. I think those years were kind of good for us but i might be wrong. But yeah what a regressive economy killing tax🙄.
Patty ... please advise which one person actually paid those rates! You and I both know that the massive loopholes were the problem then and they remain a problem today. It’s time for a 10% flat tax across the board, no loopholes, no deductions. The flat tax must also include the over 50% who currently pay no tax.
Enviously declaring an onerous tax on the wealthy NEVER — not ever — works. Spreading the tax burden to ALL is the only way to eliminate the disgusting division of people. Politicians would no longer be able to manipulate one constituent against another for economic envy.
Keep in mind that many who appear to pay no federal income tax, actually paid the tax years ago. For example...social security payments, the FICA taxes were paid at the time the income was earned. You may argue that half of the FICA tax was paid by the employer...true. But do we really want to add additional hardship on the poorest among us and at the same time make the wealthiest among us more outrageously rich?