General Discussion
In reply to the discussion: Maybe I am mistaken, but I believe that, in addition to proposing his Medicare [View all]TexasBushwhacker
(21,199 posts)and they will still save workers and employers money. When you consider that there would be no more deductibles or copays, I think you could even go 5%. Keep in mind that the first $29K for a family of 4 is not subject to the tax.
If you download they whole plan from the link provided you will find this:
Progressive income tax rates. Under this plan the marginal income tax rate would be:
* 40 percent on income between $250,000 and $500,000.
* 45 percent on income between $500,000 and $2 million.
* 50 percent on income between $2 million and $10 million. (In 2014, only 136,000 households, the top 0.1 percent of taxpayers, had income between $2 million and $10 million.)
* 52 percent on income above $10 million. (In 2014, only 16,700 households, just 0.02 percent of taxpayers, had income exceeding $10 million.)
Currently, a married couple with a net income of $250K has a top marginal tax bracket of 33%. There is no fucking way Congress would pass and increase of 7% to raise it to 40%. I don't have a problem with adding some additional brackets, but $250K in some parts of the country is just upper middle class. Even a top bracket of 45% is a big jump but doable. If they did that plus taxing capital gains and carried interest as regular income that would be plenty.