It has come to my attention that some people think bernie sanders wants to tax rich people at 99 percent. this is NOT TRUE but i think i've discovered why people think this. it's the name of the bill! it's the For the 99.8% Act". that does not refer to the tax rate. it refers to the percentage of americans who will not be affected by the bill! here, from his website, is the tax structure he proposed (note that the highest percentage mentioned is 70 percent, only for billionaires, not even ordinary poor millionaires, which was effective under eisenhower and worked very well at that time):
"Sanders' bill would only apply to the wealthiest 0.2 percent of Americans. It would establish a 45 percent tax on the value of an estate between $3.5 million and $10 million; a 50 percent tax on the value of an estate between $10 million and $50 million; a 55 percent tax on the value of an estate in excess of $50 million; and a 77 percent tax on the value of an estate above $1 billion – a return to the top rate from 1941 through 1976.
"The legislation would also close tax loopholes that have allowed billionaire families to pass fortunes from one generation to the next without paying their fair share of taxes."
see? not 99 percent tax. but people see the name of the bill and think that's what it means. it pays to get the details.
g
4
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I can see how some politicians would want to push this as it may cut his popularity. Unfortunately, many would believe this and many would also believe in the "trickle down' effect that says the top bracket will constantly be lowered to cover average earners.
Many times, William Gates (Bill's father) promoted a state income tax on the wealthy. The wealthy pushed the trickle down effect and got the vote to not pass. People are soooo gullible.
JackPedigo
Level 9
Feb 1, 2019
0
Thanks, but you can only talk rationally to a person who is actually interested in your facts, not what is broadcast on faux news.
It's a grand idea, breath holding is not recommend.
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oldFloyd
Level 8
Feb 1, 2019
1
the person i was explaining it to had actually taken the time to go to bernie's webpage, or so he said, but he didn't read it all; he apparently stopped at the name of the bill. even reading it all wouldn't have given the whole picture as it was just a brief description of the tax structure. it, like any bill regardless of status, can be seen in summary and in its entirety, along with its status, its sponsors, its supporters and any votes if it has indeed come to a vote, at congress.gov, and since the name of the bill is known, searching congress.gov is that much easier in this case. (a bill number is helpful but the name should be sufficient; failing that one can try keywords, or if the sponsor is known, as it is in this case, that works too.)
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