| 30 years of "supply-side" economics have concentrated wealth, reduced social mobility, and hurt the real economy. | |
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30 years of "supply-side" economics have concentrated wealth, reduced social mobility, and hurt the real economy. The over-concentration of wealth has been identified as a key factor in declining economies. There are many policies and practices today that support the funneling of money from the many to a few. One way to dampen the flow quickly while more pervasive, long-term measures are developed and put in place is to establish an alternative minimum income tax rate for all income levels above $100,000 that would put a cap on deductions and write-offs. (It's possible that the income amount should be adjusted to reflect the cost of living wherever the income is earned; $100,000 on Manhattan is not the same as $100,000 in Griffin, GA.)
If this is not persuasive enough, continue to the longer argument.
The progressive alternative minimum tax structure I propose is:
$100K-$139.99K - min. tax 15%
$140K-$199,99K - 20%
$200K-$279.99K - 25%
$280K-$379.99K - 30%
$380K-$499.99K - 35%
$500K-$649.99K - 40%
$650K-$799.99K - 45%
$800K-$999,999 - 50%
$1M-$4.999M - 55%
$5M-$9.999M - 60%
$10M-$19.999M - 65%
$20M+ - 70%
The person who makes a million dollars would pay no min on the first $100K, 15% on the next $40k, 20% on the next $60k, etc. Overall, they would pay a min of $337.5K or 33.8%. During many of the U.S.'s most successful years the top rate was 90% and the rich did very well.
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| We should have additional income tax brackets above $388,350 More detail | |
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| Apply a minimum tax rate of 30% on individuals making more than $1 million a year More detail | |
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| 45% tax rate on personal income over $1 million per year More detail | |
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| Raise taxes for those in the high class and decrease them for the middle class. More detail | |
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| Distribute taxation in proportion to ability to pay More detail | |
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