Democrats Release Tax Hike Plan
Increase the top marginal income tax rate from 37 percent to 39.6 percent.
Increase the corporate income tax rate from 21 percent to 25 percent.
Bring back the alternative minimum tax (AMT) for 4 million families.
Cut the "death tax" standard deduction in half.
That sounds like a "tax on the rich", but it's not. Rich people know how to shelter their money and it's all perfectly legal. Oprah and Bill and Warren and their buddies all have foundations and trusts and whathaveyou that are untaxed. Warren Buffett himself famously said that his secretary a higher tax rate than he does - and that's because he's arranged his finances to be largely nontaxable.
We saw how lowering the corporate tax resulted in bonuses and raises for employees, and factories being brought back in to the US, creating jobs. Not sure why the Dems want to tank that, unless it's just pure corruption and palm greasing.
At best, this is a tax on the upper middle class, and as such is just more class warfare rabble rousing, while the real fat cats remain untouched.
Increase the top marginal income tax rate from 37 percent to 39.6 percent.
Increase the corporate income tax rate from 21 percent to 25 percent.
Bring back the alternative minimum tax (AMT) for 4 million families.
Cut the "death tax" standard deduction in half.
That sounds like a "tax on the rich", but it's not. Rich people know how to shelter their money and it's all perfectly legal. Oprah and Bill and Warren and their buddies all have foundations and trusts and whathaveyou that are untaxed. Warren Buffett himself famously said that his secretary a higher tax rate than he does - and that's because he's arranged his finances to be largely nontaxable.
We saw how lowering the corporate tax resulted in bonuses and raises for employees, and factories being brought back in to the US, creating jobs. Not sure why the Dems want to tank that, unless it's just pure corruption and palm greasing.
At best, this is a tax on the upper middle class, and as such is just more class warfare rabble rousing, while the real fat cats remain untouched.