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Policy Ideas
| We should have additional income tax brackets above $388,350 More detail | |
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| 45% tax rate on personal income over $1 million per year More detail | |
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| Congress is not allowed to "go over the cliff" More detail | |
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| Let all the Bush tax cuts expire as scheduled on January 1, 2013 More detail | |
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Arguments
Idea #US164 - Repeal the AMT
Repeal the Alternative Minimum Tax (AMT)
Argument
The Alternative Minimum Tax primarily affects upper middle-income people, and usually does not affect those at the very top. It's typically people making $200k–$500k who pay the AMT, especially married couples. These are often young people with careers but no real savings who might be trying to buy a home or start a family. Instead of getting a tax refund every year, many of them find themselves with $10k bills.
Counterarguments
Idea #US272 - 90% Tax on Banker Bonuses
Establish a 90% tax on bonuses for bailed out bankers
Counterargument
I prefer overall compensation limits for bank executives. When we bailed out the auto companies, the government negotiated limits on union compensation. We should do the same for financial sector compensation to ensure that the public is protected against the tendency of bankers to greedily and dangerously push the envelope in search of short-term windfall profits and compensation. A 90% tax on bonuses will simply shift compensation toward salary. That might be a good thing, but it won't raise revenue or keep bankers from making millions through behavior that puts the financial system at risk.
1 Topic
Discussion
post by GregOrr on Aug 8
Idea #US134: Millionaire Tax - What should the tax rate be for personal income over $1M/yr? (2 replies)
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