A 70% Tax Rate Is Not “Fair” Enough
Preparing for an Uncertain Retirement
North Dallas i March 9, 2019
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Some pretty extreme ideas are floating around Washington during the pre-election season. Dan Pilla, one of the foremost experts in the area of tax and the IRS, sent this to me the other day about a proposal being presented in his home state of Minnesota. These extreme ideas are not the answer. Take a look at this one:
"MN Congresswoman Ilhan Omar wants to create a tax system that ensures the “extremely wealthy” pay their “fair share” of taxes. She’s come out with proposals that push for a top income tax rate of 90%. She points out, “we’ve had it as high as 90% so that’s a place we can start.” Omar’s best buddy, Alexandria Ocasio-Cortez, wants a top rate of 70% but I guess Omar believes 70% isn’t fair enough. If 70% is fairer than our current top rate of 37%, than 90% is certainly fairer than 70%. But why stop there?
In fact, Omar’s statement indicates that she doesn’t intend to stop there, as that’s just “a place we can start.” From there she intends to introduce a 3% wealth tax. A wealth tax is nothing more than outright government theft of the property people have accumulated AFTER paying all their taxes over their lifetimes. And if a 3% wealth tax is fair, certainly a 15-20% wealth tax is even fairer than that. It is abundantly clear that Marxists such as Omar and Alexandria Ocasio-Cortez believe that all the wealth in America belongs to the government. If they have their way, you might earn it, but you certainly aren’t going to keep it."
Let's hope that we don't wake up to an America that adopts this type of nonsense.
Dan will be my special guest on the show on Wednesday.