Increasing the National Debt... to be Repaid by Your Children and Grandchildren and Great Grandchildren unto the 7th Generation. He's an Economic Disaster of Biblical Proportions. Like a Plague of Locusts or the Nile River turning to Blood...
Headline: The Rich Really Do Pay Lower Taxes Than You.
For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data. For middle-class and poor families, the picture is different. They now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. The American economy just doesn’t function very well when tax rates on the rich are low and inequality is sky high. It was true in the lead-up to the Great Depression, and it’s been true recently. Which means that raising high-end taxes isn’t about punishing the rich (who, by the way, will still be rich). It’s about creating an economy that works better for the vast majority of Americans.
In their book, Saez and Zucman sketch out a modern progressive tax code. The overall tax rate on the richest 1 percent would roughly double, to about 60 percent. The tax increases would bring in about $750 billion a year, or 4 percent of G.D.P., enough to pay for universal pre-K, an infrastructure program, medical research, clean energy and more. Those are the kinds of policies that do lift economic growth.
https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html
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Headline: The Rich Really Do Pay Lower Taxes Than You.
For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data. For middle-class and poor families, the picture is different. They now pay more in payroll taxes (which finance Medicare and Social Security) than in the past. The American economy just doesn’t function very well when tax rates on the rich are low and inequality is sky high. It was true in the lead-up to the Great Depression, and it’s been true recently. Which means that raising high-end taxes isn’t about punishing the rich (who, by the way, will still be rich). It’s about creating an economy that works better for the vast majority of Americans.
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In their book, Saez and Zucman sketch out a modern progressive tax code. The overall tax rate on the richest 1 percent would roughly double, to about 60 percent. The tax increases would bring in about $750 billion a year, or 4 percent of G.D.P., enough to pay for universal pre-K, an infrastructure program, medical research, clean energy and more. Those are the kinds of policies that do lift economic growth.
https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html
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