The plan would increase income taxes on people earning at least $506,000 in annual taxable income to raise more than $2 billion each year for things like health care, education and public safety. People earning less would get a tax cut.
While an excellent start, it might make more sense to toe it to a relative number like a multiple of the poverty rate. Currently at 500,000 it would be about 36x the poverty rate for an individual. And net worth should be taxable as well. Sorry, you can’t just hold on to a billion dollars.
While an excellent start, it might make more sense to toe it to a relative number like a multiple of the poverty rate. Currently at 500,000 it would be about 36x the poverty rate for an individual. And net worth should be taxable as well. Sorry, you can’t just hold on to a billion dollars.
Gotta start somewhere. I hope this doesn’t get sunk by the “not good enough” crowd.
Absolutely. A law like this now is way better than no law.