Today on twitter I saw this rather amusing video from Stephen Moore who covered a press conference of “patriotic millionaires” who joined Democrats in pushing for a 90% tax on those they called the “super rich”.
Their hesitation to do so without the official approval of the state suggests that it’s time for the federal government to import another idea from Massachusetts, one that is much better than turning “RomneyCare” into Obamacare?
Around 20 years ago Democrats in Massachusetts were pushing for a higher tax rate and we saw a bunch of very rich leftists doing what was being done in the video above, namely asking for their taxes to be raised, Barbara Anderson and Citizens for Limited Taxation made a sarcastic suggestion that they state offer an optional higher tax rate to those who wanted to pay more:
“We were just being sarcastic,” she says. “The next thing we knew, the legislature seemed to find our sarcasm relevant and so they passed the idea we had.”
In 2002, tax politics were serious in Massachusetts. Voters had passed a sharp decrease in the income tax rate, and lawmakers decided to slow that down. In that same year, they also passed the optional tax rate — a way to contribute just a little more to the state’s general fund.
Since that time Residents of the state have had the option to pay a 5.85% tax rate if they so choose and every year about 2000 people in the state make that choice, but that doesn’t include at least one pro-tax person you’ve heard of:
Elizabeth Warren wants to raise taxes if she’s elected president, but usually hasn’t chosen to pay more herself.
Massachusetts state income tax forms allow taxpayers to pay a higher rate to help out the state government. But according to tax returns posted on Warren’s presidential campaign web site, she didn’t do so at least nine years in a row.
I think it’s time that this law is passed federally but on a grander scale.
If I’m Kevin McCarthy as part of his debt ceiling deal I’d offer the Biden Administration the chance to include an optional tax rates in the tax code so that those millionaires who want a max rate of 90% can just check a box on their taxes and Viola their federal rate will be 90%.
In fact McCarthy could make it even fairer, he could add 3 optional rates, a 90% rate to satisfy those “ultra rich” and 75% rate for those who think 90% is too high and an economy sized 50% rate for the folks who are rich, but aren’t wealthy enough to be classified as “ultra rich”.
Hey if 2000 people in a small state like Massachusetts voluntarily choose a higher tax rate surely they’ll be able to find 100,000 people in a country of over 330 million willing to pay those higher tax rates. It could be the ultimate virtue signal for the super rich. Heck the Bidens could invite those folks to the White House and honor them for making that sacrifice to help their country and democrats can cite them as heroes of the revolution republic.
C’mon Kevin, let’s give these rich leftists a chance to put their money where their mouth is, literally.
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