A 62% top tax rate?

posted by
May 26, 2011
Wall Street Journal
by Stephen Moore  
Posted in Commentary, PND Commentary

"Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions. If the Democrats' millionaire surtax were to happen -- and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year -- this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. ... Welcome back to the 1970s." (05/26/11)



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