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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Steve Bannon is pushing it and he's smart. He knows where the votes are counted.

[quote][i]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.”[/i][/quote][/quote]
And then the very next paragraph...
[quote]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.[/quote][/quote]

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.

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

I mean, it already happens. I get taxed on the unrealized gains of my largest asset every single month.

Oh, right you meant for rich people and their biggest assets! Silly me, of course that will never happen![/quote]

Real estate gets a property tax (wealth tax), not a gains/income tax, and it's relatively easy to tax because it's sitting right there in public view with a registered owner.

[/quote]

Good point.  No one knows who owns Facebook stock.  Totally impossible to figure that out.[/quote]

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