photo of Rep. Jan Schakowsky
Democrats might not appear to be quite as Socialist as Francois Hollande of France who wanted to tax the “rich” 75% of their taxable income, but the Dems are just getting started.
They have proposed a 45% tax on taxable income above a million and 49% above a billion. The act is called The Fairness in Taxation Act HR 1723. Wow, how fair! The Hill has the story.
In addition the rich still have to pay state, local, real estate and sales taxes which gets them to the 75% tax.
The act was proposed by Rep. Jan Schakowsky (D-Ill) who said the bill would help put the nation’s wealth back into the hands of middle- and lower-income workers.
“Our country faces an inequality crisis,” she said Thursday. “While the amount of earned income — and accumulated wealth — by the top one percent of earners continues its dramatic rise, most Americans have seen little or no gain in take-home pay for decades. We need increased revenue to eliminate the sequester, fund investments in education, public safety, and infrastructure and provide support for Americans striving to reach the middle class,” she added.
This is Marxist redistribution at its finest.