I would like to see in one place where all of the Democrat "taxing of the rich" ideas are tabulated.
I don't know of any well researched articles, but I can throw together a quick and dirty calculation.
Returning to Clinton's top tax rates (the most wide spread tax increase plan from the left) gets you to 39.6%
Removing the cap on payroll taxes, adds 15.3 percent (both sides of the payroll tax, under the peak rate, not the reduced rate we have now). So that gets you to 54.9%
Then you have the proposal for a surcharge on the wealthy.
House Democrats, looking for a way to exempt middle-class Americans from the alternative minimum tax, may impose a tax surcharge on the nation's wealthiest families, the Washington Post reported. Under one version of the proposal, about 1 million families would be hit with a 4.3 percent surtax on income over $500,000,
christianity.com
That gets you to 56.2%
Then lets say the person is living in Hawaii that adds an 11 percent state rate, so your up to 67.2%.
In New York City the state rate would be 8.97 plus an additional city rate of 3.876%, so it would add up to 12.846% local and state income tax and 69.046% total income and payroll taxes.
Actually it would be a bit less since you can deduct state taxes from your federal income taxes. You couldn't deduct them against the 15.2% payroll, and perhaps not against the 4.3% surtax, but you could against the other 54.9%. I'm not sure if you can deduct local income taxes, so I'll just to the Hawaii calculation not the NYC one. 11*45.1% (the inverse of 54.9%) is 4.961. Adding 4.961% to the federal total for payroll and income tax gives you a final figure of 61.161%. Which BTW would probably be past the Laffer curve maximum, so revenue would be reduced (compared to a lower but still high tax rate, perhaps not compared to today's tax rates, although when looked at over the long run it also would likely be lower than with today's rates)
Of course I've probably missed some Democratic proposals for tax increases. |
