Friday, November 06, 2015

Rubio's Tax Plan Gives A Huge Gift To The Top 0.0003%

No thanks, Marco:
This post focuses on problem No. 2: making the tax code more regressive. In this regard, Sen. Marco Rubio takes the cake. If you were thinking: “what tax change could I implement that would be most helpful to the wealthiest households?” you’d quickly come to the same conclusion as Rubio: zero out taxes on capital gains and dividends. That’s because taxation on these forms of income, currently taxed at a top rate of 23.8 percent, is highly concentrated: according to the Tax Policy Center, 79 percent of the tax take from this asset-based income comes from the top 1 percent, 5 percent from the bottom 90 percent.

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