Best Of The Web
“The Democratic candidates for President are promising a smorgasbord of new taxes, but why wait until 2021? Last week Maryland Senator Chris Van Hollen and Virginia Congressman Don Beyer unveiled the Millionaires Surtax Act, a plan to soak the top 0.2%.
The bill would put an extra 10% tax on individual income above $1 million, or $2 million for married couples. This surtax would apply regardless of the income’s source—whether from long-term capital gains, currently taxed at a top rate of 20%, or wages, taxed at rates up to 37%. The legislation’s backers say it would raise $635 billion over a decade, citing an estimate by the left-leaning Tax Policy Center.
Messrs. Van Hollen and Beyer would effectively lift the top tax rate on income to 47%, plus there’s the 3.8% ObamaCare surtax on investment income. Tax rates haven’t been that high in decades. Before Ronald Reagan’s big tax reform in 1986, the top rate was 50%. Since then it hasn’t broken 40%.
The loopholes were also bigger and more numerous then. Reagan’s 1986 law, for example, phased out the deduction for interest on credit cards and car loans. President Trump’s 2017 tax reform narrowed the interest deduction for homeowners, so only the first $750,000 of a mortgage is now eligible.”
JJ Editor's Picks
"PRESIDENT TRUMP’S reaction to the murderous rampage in Pensacola, Fla., on Friday by an officer of the Royal Air Force of Saudi Arabia was insensitive and grossly insufficient. Three American servicemen lost their lives and eight were wounded by..."
"No Democrat even approaches Sen. Elizabeth Warren of Massachusetts when it comes to the sheer volume of policy content. Likewise, no other Democrat has experienced her rapid rise into first place or, now, her dramatic fall in the polls. It is..."
"This holiday season, the United States Postal Service expects to ship almost one billion packages — cardboard boxes full of electronics and fabric and plastic galore. And the Environmental Protection Agency estimates that Americans generate 25..."
"Did moms exist before social media? Technically, yes, there have always been moms, but motherhood as a lively public conversation — a set of references, jokes, warring factions, cliches and grievances — has existed for just a little over a decade.."
"Ever since former President George H.W. Bush coined the phrase to criticize then-candidate President Ronald Reagan's tax policies, Democrats and progressives have been accusing Republicans of "voodoo economics." They are right to do so. The..."
"The marketing circle of life, wherein toys beget films that beget toys, continues to mow its way through every bit of plastic in the playroom. This week, it’s Playmobil’s turn, with the unimaginatively titled “Playmobil: The Movie.” Like the..."
"Europe is at a crossroads. Brexit and immigration prompted a debate about the essence of European liberalism. Luckily, Europe has an invaluable resource it can use in its deliberations: Theodor Herzl The visionary of the Jewish State was a..."
"“I was born in 2000, I have always lived my life with technology, there hasn’t been any moment without it.” So begins the story of Kai Landre, who recently traveled to the United States from Barcelona to explain his decision to become a cyborg..."