Why can't our politicians read the room? Funny how they want to make america like it was in the 50's and 60's but they don't want to return to those tax rates in excesss of 70% that still allowed the rich to stay rich. iuf djt wants to use his "mandate" for somethign positive, this owuld be a great palce to start, but his single largest cash donor contributed all that money so djt wouldn't consider anything like this. Jamie Dimon says the 'Buffett Rule' approach to taxing the wealthy could solve America's debt problem JPMorgan CEO Jamie Dimon has put forth a solution to unrestrained US debt: Tax the rich at the same rate as middle-class people, or at a higher rate. The bank executive told "PBS News Hour" in August that the country could clamp down on runaway borrowing without eliminating spending. Dimon said he expects that reducing the debt while still investing in the right initiatives is "doable." "I would spend the money that helps make it a better country, so some of this is infrastructure, earned-income tax credits, military," he said. "I would have a competitive national tax system, and then I would maximize growth." Dimon added, "And then you'll have a little bit of a deficit, and you would maybe just raise taxes a little bit — like the Warren Buffett type of rule, I would do that." This rule posits that no household making above $1 million a year should pay taxes on a lower share of their income than middle-class earners. It earned its name from the billionaire investor Warren Buffett, who famously criticized the fact that his secretary paid a higher tax rate than he did. Timothy Mellon gives another $50M to pro-Trump super PAC MAGA Inc. - POLITICO Timothy Mellon donated more to Trump than Elon Musk did | Fortune
That is a great idea that everyone knows about. The problem is that once you set the tax code/rules there is a whole ecosystem that figures out how to get around it. Hence why wealthy people that can afford it, do not pay themselves a normal income and instead typically take out loans against certain assets. This idea was designed to avoid paying payroll taxes and income taxes since that is how the tax code is set up. The wealth tax idea is likely unconstitutional and most experts on the subject would not recommend testing its legality given the current make up of the current SCOTUS.
