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NowISeetheLight

(4,002 posts)

22. I'd say a minimum rate of 40% over $1m

Reply to OnlinePoker (Original post)

Fri Nov 19, 2021, 01:04 AM

Nov 2021

I'd would eliminate deductions for everything but charitable contributions. I'd eliminate the "stepped-up" basis for inheriting stocks and property which allows someone to avoid paying taxes on all the years of gains if they die. I'd increase the capital gains rate for those making over $1m a year to the rate their income tax is (no more 20%).

Tax rates for the top 1% have fallen dramatically since WWII while the rate for everyone else have remained fairly constant.

https://www.taxpolicycenter.org/taxvox/effective-income-tax-rates-have-fallen-top-one-percent-world-war-ii-0

The Center for American Progress said the average income tax rate for the top 400 from the Forbes list was 8.2% from 2010-2018.

https://www.americanprogress.org/article/forbes-400-pay-lower-tax-rates-many-ordinary-americans/

When I look at my last eight years of Turbo Tax filings my average rate was around 16% after deductions.

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What do you consider a "fair share" that the top 1% should pay in income tax? [View all] OnlinePoker Nov 2021 OP

I would set a threshold at wherever the top 1% falls and no deductions over that Amishman Nov 2021 #1

Even 30% would raise a fortune. LakeArenal Nov 2021 #2

A 45% effective rate. iemanja Nov 2021 #3

I was just about to post 50% Dave says Nov 2021 #29

70% for the first 5 years. Ka-Dinh Oy Nov 2021 #4

91% like under Eisenhower tenderfoot Nov 2021 #5

Nobody Paid 91% ProfessorGAC Nov 2021 #8

10,000 households hit the 91% bracket in 1950 Dave says Nov 2021 #26

Fair Point ProfessorGAC Nov 2021 #27

Force cap gains/losses to be realized annually, bump cap rate to 40%, set min eff. rate at 40% LonePirate Nov 2021 #6

90% marginal rate Dave says Nov 2021 #7

See Post 8 ProfessorGAC Nov 2021 #9

Since taxes are progressive based on the different brackets it's perfectly Nanjeanne Nov 2021 #10

What I pay newdayneeded Nov 2021 #11

Not exactly on point, but I read once that pollsters found that one of the EarnestPutz Nov 2021 #12

51% and progressively greater beyond that. hunter Nov 2021 #13

35% Skittles Nov 2021 #14

Another source of taxation newdayneeded Nov 2021 #15

50% rate for over $1 million mvd Nov 2021 #16

How do you make corporations pay taxes that aren't passed down to the consumers? marie999 Nov 2021 #28

Some of the current Democratic ideas are a start mvd Nov 2021 #32

90% and we'll take 40 years to work our way down from that. Bluethroughu Nov 2021 #17

50% top status bracket. IbogaProject Nov 2021 #18

Treat all income the same Johnny2X2X Nov 2021 #19

Ding ding ding, we have a winner! LastDemocratInSC Nov 2021 #20

The inverse of this: meadowlander Nov 2021 #21

yes IbogaProject Nov 2021 #31

I'd say a minimum rate of 40% over $1m NowISeetheLight Nov 2021 #22

Whatever they were paying in Eisenhower's administration Hekate Nov 2021 #23

This was the go to tax site in the 80s and early 00s Buzz cook Nov 2021 #24

A fair share requires the rich to feel a need to cut elsewhere, as is common at lower incomes sanatanadharma Nov 2021 #25

Fixating on a specific rate is the wrong approach Hav Nov 2021 #30