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Debt
Compensation
Sign
FTBRA Letter to Congress Fair Tax Bracket Reinstitution
Congressional Proposal Petition
Help
PLI introduce. enact and employ 21 million with: 1.
AWSC Congressional Proposal
2.
Fair
Tax Bracket Reinstitution Act
Nader's
Top Ten Books for 2009 lists
PLI's
"Ordinary People Doing the Extraordinary"
by
D. Hunn
People's
Lobby web site
AWSC & FTBRA sponsor
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If enacted,
People's Lobby's Fair
Tax Bracket Reinstitution Act (FTBRA) would add an IRS tax
bracket so that:
A.
Those amounts
earned over $5 million annually will be taxed at a 50% flat rate
B.
Those amounts earned over $10 million annually will be taxed
at a 70% flat rate.
C.
These will be flat tax rate brackets with no deductions, so that loopholes do not
allow the effective tax rate to be significantly less than IRS codes
purportedly call for on the rich.
The $5 million household would have to struggle by on a net
income of about $4 million per year; the $200 million household on about
$126,500,000 per year; the
$1 billion household on about $646,500,000 per year.
If we had kept the site even more progressive tax rates that existed
during the Eisenhower, Kennedy, and Nixon administrations, we would not
have the wealth disparity and economic breakdowns that we are having
today.
| If FTBRA existed, net income would look something like this. |
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| Income |
Ested Tax % |
FTBRA % |
FTBRA % |
Net Ested |
Total taxes |
|
|
|
16% |
50% |
20% |
Income |
Paid |
|
|
| $1,000,000 |
$160,000 |
|
|
$840,000 |
$160,000 |
|
|
| $2,000,000 |
$320,000 |
|
|
$1,680,000 |
$320,000 |
|
|
| $3,000,000 |
$480,000 |
|
|
$2,520,000 |
$480,000 |
|
|
| $4,000,000 |
$640,000 |
|
|
$3,360,000 |
$640,000 |
|
|
| $5,000,000 |
$800,000 |
|
|
$4,200,000 |
$800,000 |
|
|
| $10,000,000 |
$1,600,000 |
$2,500,000 |
|
$5,900,000 |
$4,100,000 |
50%
Rate on amt >$5m |
| $20,000,000 |
$3,200,000 |
$7,500,000 |
$2,000,000 |
$7,300,000 |
$12,700,000 |
70%
Rate On amt. >$10m |
| $50,000,000 |
$8,000,000 |
$22,500,000 |
$8,000,000 |
$11,500,000 |
$38,500,000 |
|
|
| $100,000,000 |
$16,000,000 |
$47,500,000 |
$18,000,000 |
$18,500,000 |
$81,500,000 |
|
|
| $200,000,000 |
$32,000,000 |
$97,500,000 |
$38,000,000 |
$32,500,000 |
$167,500,000 |
|
|
| $500,000,000 |
$80,000,000 |
$247,500,000 |
$98,000,000 |
$74,500,000 |
$425,500,000 |
|
|
| $1,000,000,000 |
$160,000,000 |
$497,500,000 |
$198,000,000 |
$144,500,000 |
$855,500,000 |
|
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| $4,000,000,000 |
$640,000,000 |
$1,997,500,000 |
$798,000,000 |
$564,500,000 |
$3,435,500,000 |
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|
| $5,000,000,000 |
$800,000,000 |
$2,497,500,000 |
$998,000,000 |
$704,500,000 |
$4,295,500,000 |
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| Year/days |
Gross
Compensation |
Lives on per
day |
| 365 |
$5,000,000,000 |
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$13,698,630 |
| After
Fair Tax Bracket Reinstitution Act |
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| 365 |
$704,500,000 |
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$1,930,137 |
The
second thing to note is that the overall tax rates are really not
that high. Contrary to concerns about socialism or a government
takeover, the richest Americans, those earning an average of $345
million in 2007, paid about 16.5 percent in federal income taxes.
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Today's top tax bracket, depending on whether
Bush's tax cuts expire or not in January 2011, are supposed to pay 35%
now or 39.6% if the Clinton rates are reinstated. As of
February 2011, the Obama administration has not reinstituted the
Clinton rates, even though they would have significantly cut the budget
deficit.
As a recent IRS tax analysis by the Quick &
t shows: "The second thing to note is that the overall tax
rates are really not that high. Contrary to concerns about socialism or
a government takeover, the richest Americans, those earning an average
of $345 million in 2007, paid about 16.5 percent in federal income
taxes." http://www.quickanded.com/2010/02/effective-tax-rates-of-the-richest-400-americans.html
Forbes comes to a similar conclusion, as do tax
experts like Author David Cay Johnston of Perfectly Legal.
Richest 400 Earn More, Pay Lower Tax Rate
Top earners on average pulled in $263 million each in
2006, the IRS reports.
WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S.
reported a record $105 billion in total adjusted gross income in 2006,
but they paid just $18 billion in tax, new Internal Revenue Service
figures show. That works out to an average federal income tax bite of
17%--the lowest rate paid by the richest 400 during the 15-year period
covered by the IRS statistics. The average federal tax bite on the top
400 was 30% in 1995 and 23% in 2002. http://www.forbes.com/2009/01/29/irs-high-income-personal-finance-taxes_0129_wealthy_americans.html
United
States and falling life expectancy
Gennaro
Carotenuto
According to
studies conducted separately by Columbia University and the World
Health Organization, the United States has, in only ten years, gone
from the 24th to the 49th in the world rankings of life expectancy.
That is, to live around 4.5 years less than the long-living Japanese
or 2.2 years less than the Italians, located in the twentieth place...
http://www.dailynews.lk/2010/10/26/fea03.asp
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