Tornado Alley (PROG)

[woofer]

Tax them at 90% on AGI over $1,000,000.00

Great plan...those 141,000 taxpayers (top 0.1%- not to be confused with 1%) who make on average 4.3 million yearly, would put $154,269,953,000 EXTRA into the kitty by April 15th of the following year. In fact, they would be putting even more into it because they couldn't rely on the capital gains tax to lower their rate.

Right now, at the current tax rate, the person making 4.3 million, would pay
35% on income over $372,950 (plus $108,216 for AGI under that)
1st million= 35% on $627,050 ($1,000,000-372,950) + 108,216 =
219,468 + 108,216= $327,684
Tax on the remaining 3.3 million at 35% = $1,166,667
Total tax paid $1,494,351.
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Our New and Improved Tax Plan

1st million=$327,684
Tax on the 3.3 million at 90%=$2,970,000
Total tax paid=3,297,684
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3,297,684-1,494,351= 1,803,333 (the extra over and above what the top 0.1% pay now) per person.
$1,803,333 x 141,000 (number of taxpayers in the top 0.1%) = 154,269,953,000