[THEHILL] Several House Democrats on Thursday introduced legislation that would impose a minimum 45 percent tax rate on taxable income above $1 million, and would set a 49 percent rate on income above $1 billion.
| As long as all registered Democrats are audited and forced to pay... |
The Fairness in Taxation Act, H.R. 1723, was proposed by Rep. Jan Schakowsky (Bolshevik 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.
| Why not ask Warren Buffett and Elizabeth Warren to pay their fair share? |
"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. |