High Income Earners shall pay 75% on income

High Income Earners shall pay 75% on income

The top 10% of income earners shall pay a tax of 75%

Points

Top income earners are not paying a fair proportion of taxes. Single filers earning $50k/year pay 22%, or $11,000 in taxes, leaving them $39,000 for their bills. Single Filers at $500k/yr pay 35%, or $175,000, with $325,000 leftover for their bills. Single Filers at $5 million/yr pay 37%, or $1.85 million, with $3.15 million leftover. If the $5 million paid a 75% tax rate, they'd add $3.75 million to the public reserves, leaving $1.25 MILLION for bills - 4x that of the $500k, 32x the $50K

top income earners do not add more to the economy than average and low income workers. They in fact add less because they hoard their money and keep if from circulating in the economy. So instead of creating jobs and providing services, they get wealthy through stock-buybacks and low interest loans on their portfolios. It's time to pry that money out of their tight little fists and put it to use for the public good. TAX THE RICH AT HIGH LEVELS!!!

I would narrow it to the top 2%. The drop off is substantial. I would not expect someone who earns $800k per year to pay $600k. I like that you use percentages instead of dollar amounts considering the amendment may last for 100 years.

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