Zoomie1980
Senior Member
- Jan 16, 2008
- 1,658
- 128
- 48
I certianly agree. Raise taxes on folks making more than a million.
Those with earned income of over 1.4 million are so few that taxing their last dollar of income over 1.4 million would yield insignificant revenue.
people making that much are not getting the bulk of their income from wages.
According to CBO data from 2005, the richest 1% had an average income of $1.5m and earned 18% of all income. Seems signficant to me.
People in that income bracket make no "real" income so the tax revenue on it is virtually nil. Options, which make up a huge percentage of the income these people have, are not taxed until they are exercised. Warren Buffet only makes $100,000/yr of taxable income. But in many years, his portfolio returns hundreds of millions, very little of it taxable.