The Empower America by Taxing Millionaire Excess Act of 2010

[Newsjock]

Enough is enough. For individuals making more than $1 million a year net income, restore the marginal income tax rates that were in effect during the Eisenhower years, adjusted for inflation:

90% on all net income between $1.1 million ($150,000 in 1958 dollars) and $1.5 million
91% on all net income over $1.5 million ($200,000 in 1958 dollars)

(Note to the math-impaired: This is the marginal tax rate, applied only to the amount above the threshold. For the purposes of the EATME Act, I'm perfectly content to leave the lower brackets exactly where they are now.)

Oh, and we can even put a trigger in the law: When the national debt is zero, these rates will be repealed.

If it was good enough for the great Republican era of the 1950s, it's good enough for today. Or, Republicans, were you wrong 50 years ago?

[Peace Patriot]

1. Excellent proposal! nt

[Sinti]

2. K&R & LOL The EATME Act n/t

[Newsjock]

3. I was going to call it ...

... The Bold Income Tax on Excessive Millionaire Extravagance.

[DLnyc]

4. Nice.

Forget 'salary caps'. Just tax the hell out of excessive incomes.

But don't worry, poor millionaires, you can still keep your first million (per YEAR) to eke out a minimal sort of subsistence.

[diane in sf]

5. It's too easy to expense your net down to nothing--better have some regulating

of what's deductible.

[SoCalDem]

6. a Transaction tax is what's needed too..

"Donate" a painting ? the transaction tax is 90% of the deduction taken

Move stocks & investments a bazillion times a day? each transaction gets taxed 5%

donate actual Cash money for research (not by your own entity/company) get a full deduction

donate cash to non-profits (again, not touched by anyone in your organization..no wifey-poo working there or kids) and you get the full deduction.

donate to your alma mater for a building with your name on it? 90% tax UNLESS the money donated goes for scholarships for needy students, or to hire tenured faculty with benefits.

[Naturyl]

7. I'm all for it.

It worked fine in the booming 50's, and it's needed even more today.