So what? It's disingenuous is what. you're talking about 100% (the righty spin) vs. less than 0.5 % of the population (the proposal).
"That doesn’t mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more." So I do think you can say shew was limiting her plan to just the 10 million and above crowd. She may have put out conflicting statements. As I said I would be very surprised if the democrats only taxed their donors. They seem to like to wake six figure earners as well. so even if they started with just the top... it will seep down.
We had one of the most robust economies in our history with a top marginal rate of 90%. About seventy percent is average for a top marginal rate in a number of countries that have very sound economies. I think it is a little high myself. At least these rates are all fair in the sense that everyone pays exactly the same rate on the same dollar earned. The question is, "is such a high rate wise?" The idea that these high marginal rates are damaging to the economy is probably due to long-ago-discredited supply-side economics, which is still a wildly popular fad among wealthy republicans. This may explain why the economy has done better, on average, under democrats who have tended to pay more attention to the demand side of the economy. The problems faced by the U.S. economy don't have to do with marginal tax rates being too high at the top so much as they do with them being not low enough at the bottom, with too much compression of rates in between. The compression is sold by compression enthusiasts as "tax simplification," as if a ladder of five or six rates is any more complicated than three, four, or a dozen. Having a few more rate brackets is not where tax complexities come in. Labor's wages are too low in general, so that too little disposable income is being left with the lower 1/3-1/2 of the middle class. This results in stifled demand, stifled dreams, and less opportunity. Those of us who do pay income taxes end up subsidizing low wage employers. Another problem is continuous taxing of unearned income at lower rates than earned. This has a lot to do with return on capital exceeding the growth rate of the overall economy, a feature dearly loved by we affluent capitalists; yet harmful to a nations social fabric if it goes on unabated for too many years. A simple remedy is to introduce more bracketing into unearned income tax rates. Our present tax structure is resulting in distortions in the economy that will become more visible with time. The folks responsible, however, may not be around when its time to blame someone. A very large unreported cash economy is causing yet another distortion. And yet another is caused by medical costs that are 100% or more higher than our nation's competitors. We are in trouble, but by no means are we headed for immediate disaster. Will the chaotic, WeeGee Board behavior wrought by the mentally ill, orange-tinted Donald Trump be our wake-up call. Perhaps. If so, when it is mercifully, finally over, and our Donald waddles away in handcuffs, or accompanied by white coated orderlies, or simply sent back on a green helicopter to whence he came, he may have done us all a favor. At least there is one thing we can count on. When it is finally over, he will proudly announce, "There has never been a President as Great as I!"* That proclamation of victory by the self proclaimed greatest genius to ever camp out in the Oval Office may turn out to be one of the few utterances of his entire Presidency that has some element of truth in it. ________________ *I realize I have misrepresented him here. When the Donald says it, it will of course be, "There has never been a President as Great as me!!" With the altered pronoun and extra exclamation point duly emphasized.
As someone who files a very complicated tax return, there are tons of ways to create deductions and exemptions to never pay the top rate on all your income. it is why my accountant makes good money and why these plans will never work because the rich never pay 39% in taxes....
I did not say a thing racist. Sorry, I cannot help your interpretation. Maybe you're the racist one. Give it some thought.