White House floats 44 percent tax rate on the super rich

[applegrove]

BOB BRIGHAM at Raw Story

http://www.rawstory.com/2017/07/white-house-floats-44-percent-tax-rate-on-the-super-rich/

"SNIP............


White House senior strategist and former Goldman Sacks investment banker Steve Bannon is calling for a 10% federal tax increase on those making more than $5 million a year, The Intercept reports.

Trump’s previous tax plan would have lowered the top tax bracket from 39.6% to 35%, but now Bannon is floating a trial ballon of instead raising the top rate to 44%.

Bannon was head of Breitbart News before being appointed chief executive of Donald Trump’s presidential campaign.

If Congress were to pass such a bill, it would only effect the 43,000 Americans who make more than $5 million per year. Such a proposal would decrease the federal deficit by raising $180 billion in new revenue over the next decade.

...............SNIP"

[applegrove]

1. Meat for the base. And when the GOP vote against it in congress the base will see who

they truly are.

[davekriss]

14. No, the headlines will be long gone

More likely Trump will continue to ride the populist wave while enriching himself, family, and all his cronies.

[MiltonBrown]

2. Almost half of what it was in the 1950s.

How can they possibly survive?

[lapfog_1]

3. The really rich do not pay income tax on amounts over 5M a year now

The smart ones arrange for their compensation to come in the form of things that are long term capital gains or other tax reduced forms.

[edhopper]

15. This!

They pay Cap Gains, not income tax.

If they want to fix it, make all income taxale at the same rate.

[hatrack]

4. Oh, BULLSHIT

Like this will ever see the light of day . . .

[madinmaryland]

5. What's the catch? They will probably try and remove the Inheritance Tax and the

tax on capital gains.

FUCKERS.

[edhopper]

16. Probably true.

[Leith]

6. It Sounds Like Somebody Is Having Some Fun with Us

Like this PINO and congress would raise taxes on the rich!

checks calendar... nope, not April 1st...

Yeah, I read the article on RawStory and TheIntercept. It ain't gonna happen. Can you even imagine Lyin' Ryan introducing that kind of bill?

[Oubaas]

7. Yeah...

Anyone with that kind of money knows how to avoid taxes legally through tax free investment, or else their money is professionally managed by someone who knows.

It's not rocket science and you can buy a $12.99 paperback that will tell you how. This "news story" is smoke and mirrors.

Even if a bill passed, it wouldn't mean that anyone would actually be taxed, except possibly a new lottery winner with no prior investing experience, one who took the monthly payments and gave the lottery fund an interest free loan, instead of opting for the lump sum.

Close all the loopholes for legally avoiding taxes and then get back to me with this one. Until then, yeah, right. Nice try.

[JHB]

8. Starting a stopwatch for the cries of " socialism!" to start...

...placing stopwatch in a time capsule, getting shovel, burying time capsule, marking location so my grandkids can dig it up (I don't have kids, much less grands)...

Of course, by that time they may have to brace the sharks to get to it...

[Not Ruth]

9. This is really going to please Gary, Jill and Bernie

[erpowers]

10. Not A 10% Tax Increase

Raising taxes from 39.5% to 44% is not a 10% tax increase. That is about a 4.5% tax increase. Just because during the campaign Trump called for reducing the top tax bracket to 35% but now his lead advisor is asking for an increase to 44% for the top tax bracket the increase is not a 10% increase.

[fob]

12. It is actually a tiny bit MORE than a 10% increase.

Current rate: 39.5%

10% of 39.5% = 3.95%

39.5+3.95 = 43.45% (close enough to 44% to call it a 10% increase)

It is ALSO a 4.5 percentage points increase, from 39.5 to 44.

Coming from bannon or any trumplodyte, it is most assuredly ALSO going to be combined with something else that fucks over 99% of the population. 1%ers or higher WILL get their(OUR) money.

[erpowers]

20. I Was Thinking of Percentage Points

I was thinking of percentage points. I had not thought about 10% of 39.5%. Thank you for the information.

[nikibatts]

13. With or without loopholes?

[Takket]

17. pffffffffffffffft yeah sure. i wait in breathless anticipation for 45 to demand this from congress

media should ask him EVERY DAY what the status is of this plan. they want to float this bullshit they don't actually support, make them stand behind it or admit it is a lie!!!!!!!!! of course the media will never do that.

[Not Ruth]

18. Bait?

Assuming that something like this would be a part of a progressive platform after mid 2020. This puts it out there for discussion for the next several years. Possibly getting 2020 frontrunners to make newsworthy comments.

[ProudLib72]

19. That's what popped into my head: "Carrot"

And if we are smart about it, then we have to pounce and hold him to it. When he doesn't, then it can be a slogan for us.