Pledging
These are the original issues in this subcategory
You May Pledge Your Support For This Issue With A Monetary
Donation And By Writing A Letter To Your Representatives
- WEALTH TAX
- PROPERTY TAXES
- UPPER INCOME TAX RATES
Many people believe our nation’s growing income inequality and our diminishing middle class are fundamental problems facing our society. For the past 40 years or more, America’s per capita Gross Domestic Product (GDP) has steadily grown because our workforce has increasingly produced more goods and services with the same number of workers. However, workers have not been rewarded for this increased productivity. In 2001, wages accounted for about 49% of GDP but this number is now about 43% following a steep and steady decline. Furthermore, it has recently been revealed that 60 Fortune 500 companies paid no federal income taxes on $79 billion in profits in 2018. Rather, they received a combined 4.3 billion in rebates instead. These companies included Amazon, Netflix, Chevron, Delta, GM, Goodyear, Halliburton, IBM, Salesforce, U.S. Steel and Whirlpool, among others. The wealthiest among us, those making more than $400,000 a year, have captured nearly all the economic gains during these past 3-plus decades.
Income tax brackets for individuals also apply to corporations. Although allowed more deductions, a corporation’s gross income is subject to the same federal tax rates as individuals. During President Eisenhower’s administration, the marginal tax rate for Americans in the top income tax bracket was 92% - meaning the wealthiest Americans paid our treasury 92 cents of each dollar they earned. Under Carter the upper tax rate was cut to 70%. Clinton slashed it to 39.6% and Trump took it sown to 37% which is where it is today. The upper income tax bracket today is reserved for those with annual incomes in excess of $518,400.
Pending Legislation: S.1173 - Paying a Fair Share Act of 2023
Sponsor: Sen. Sheldon Whitehouse (RI)
Status: Senate Committee on Finance
Chairperson: Sen. Ron Wyden (OR)
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Income tax brackets for individuals also apply to corporations. Although allowed more deductions, a corporation’s gross income is subject to the same federal tax rates as individuals. During President Eisenhower’s administration, the marginal tax rate for Americans in the top income tax bracket was 92% - meaning the wealthiest Americans paid our treasury 92 cents of each dollar they earned. Under Carter the upper tax rate was cut to 70%. Clinton slashed it to 39.6% and Trump took it sown to 37% which is where it is today. The upper income tax bracket today is reserved for those with annual incomes in excess of $518,400.
Pending Legislation: S.1173 - Paying a Fair Share Act of 2023
Sponsor: Sen. Sheldon Whitehouse (RI)
Status: Senate Committee on Finance
Chairperson: Sen. Ron Wyden (OR)
Tweet
- I oppose reforming current upper income tax rate policy and wish to donate resources to the campaign committee of Leader Charles Schumer (NY).
- I support: 1.) Requiring an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year. 2.) The amount of the tax is the excess of the tentative fair share tax over the excess of (a) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (b) certain tax credits. 3.) Providing for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2023. 4.) Expressing the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes. And wish to donate resources to the campaign committee of Sen. Ron Wyden (OR) and/or to an advocate group currently working with this issue.
- I support:
1.) Requiring an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year.
2.) The amount of the tax is the excess of the tentative fair share tax over the excess of (a) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (b) certain tax credits.
3.) Providing for a phase-in of such tax and requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2023.
4.) Expressing the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
And wish to donate resources to the campaign committee of Sen. Ron Wyden (OR) and/or to an advocate group currently working with this issue.
Donation And By Writing A Letter To Your Representatives
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Pledge Period - Opening Date
October 28, 2024
Pledge Period - Closing Date
November 3, 2024
Trustee Election - Begins
November 4, 2024
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