Republicans to raise taxes on rich

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

Bannon has pitched various ideas for how Republicans can recoup some revenue by raising taxes on the rich. One proposal would allow the top tax rate to revert to its level before the 2017 tax law, from 37 percent to 39.6 percent. (This would raise taxes for those with more than $626,350 in earnings.) Bannon has also proposed creating a new bracket with higher taxes for those earning $1 million or more, arguing the GOP should act on behalf of its increasingly working-class voting base. Bannon and some other Trump allies have also discussed a third idea to create an even higher top tax bracket, for those earning more than $3 million or $5 million, two of the people said.

“This guts the AOC-Bernie ‘oligarchy tour,’” Bannon said, referring to the populist rallies being held by Rep. Alexandria Ocasio-Cortez (D-New York) and Sen. Bernie Sanders (I-Vermont). Bannon has been trying to convince Republicans to embrace higher taxes on the rich since Trump’s first term. “Politically, it’s game, set, match — it’s a no-brainer. This would destroy the Democrats.”

And then the very next paragraph...

Critics say that even a higher tax on millionaire income will not do much to address economic inequality. The wealthiest Americans typically benefit from increases in the value of their stock holdings, but Republicans are not currently considering higher taxes on either capital gains or unrealized paper gains.

And this is where we need higher taxes.

I paid $317k in taxes. At the higher rate I would only pay around $340k. Not a huge difference. Having a higher capital gains tax would help. They should restructure the brackets to increase the level for 0% from something like $47k to at least the $100k threshold for single filers. Their thresholds never make sense to me.

A tax on unrealized gains will never happen. This is where the ultra-wealthy would get absolutely hosed.

How about a tax when you use the unrealized gains?

It's called capital gains. It's already taxed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

Bannon has pitched various ideas for how Republicans can recoup some revenue by raising taxes on the rich. One proposal would allow the top tax rate to revert to its level before the 2017 tax law, from 37 percent to 39.6 percent. (This would raise taxes for those with more than $626,350 in earnings.) Bannon has also proposed creating a new bracket with higher taxes for those earning $1 million or more, arguing the GOP should act on behalf of its increasingly working-class voting base. Bannon and some other Trump allies have also discussed a third idea to create an even higher top tax bracket, for those earning more than $3 million or $5 million, two of the people said.

“This guts the AOC-Bernie ‘oligarchy tour,’” Bannon said, referring to the populist rallies being held by Rep. Alexandria Ocasio-Cortez (D-New York) and Sen. Bernie Sanders (I-Vermont). Bannon has been trying to convince Republicans to embrace higher taxes on the rich since Trump’s first term. “Politically, it’s game, set, match — it’s a no-brainer. This would destroy the Democrats.”

And then the very next paragraph...

Critics say that even a higher tax on millionaire income will not do much to address economic inequality. The wealthiest Americans typically benefit from increases in the value of their stock holdings, but Republicans are not currently considering higher taxes on either capital gains or unrealized paper gains.

And this is where we need higher taxes.

I paid $317k in taxes. At the higher rate I would only pay around $340k. Not a huge difference. Having a higher capital gains tax would help. They should restructure the brackets to increase the level for 0% from something like $47k to at least the $100k threshold for single filers. Their thresholds never make sense to me.

A tax on unrealized gains will never happen. This is where the ultra-wealthy would get absolutely hosed.

How about a tax when you use the unrealized gains?

It's called capital gains. It's already taxed.

That's for REALIZED gains, not for taking a loan with unrealized gains and collateral.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No they won’t.

They won't if there is an exit tax for the ultra high networth individuals. Apparently, it's a thing in some places of the world.

The U.S. already has an exit tax