Democrat Tax Hike Plans Would Hit Millions of Americans, Not Just The Ultra-Wealthy

Breitbart- The proposals by Democratic presidential hopefuls to tax the wealth of billionaires have received a lot of attention.

But it is their plans to hike payroll taxes that would have the biggest impact on voters.

Elizabeth Warren and other leading Democrats have said that they would impose a stiff payroll tax hike on higher-income families. In Warren’s proposal, she would impose a 14.8 percent payroll tax on workers with incomes above $250,000.

Currently, Social Security payroll taxes amount to 12.4 percent for incomes up to $132,900. Incomes above that level are not taxed and do not contribute to a worker’s future Social Security benefits.

Warren’s plan would have the tax kick back in on incomes above $250,000. And the rate would rise to 14.8 percent. Like the current tax, this would be split between the employee and the employer.

If the wealth tax is a “billionaires tax,” this would be a “hundred-thousandaires tax.” It would hit the pocketbooks of around 5 million households. more

9 Comments on Democrat Tax Hike Plans Would Hit Millions of Americans, Not Just The Ultra-Wealthy

  1. Any Democrat is going to bring significant tax increases for everyone except their dependent classes who will receive more instead of paying more (taxes).

  2. Wait, there’s an election and dems are campaigning? Haven’t seen that on the news with the TRIAL OF THE CENTURY going on.

  3. That doesn’t even take into account the amount of mass job losses that would result. You cannot tax the top earners and producers in this country and have them not respond by downsizing their businesses and lives. Who pays for many services/products, uh high end earners. The wheels would fall off this economy and we’d be in a recession that would be devastating and there would be no way to recover with no capital and no money in the hands of consumers.

  4. Dimwit candidates convention…
    Aka loser bowl
    These clowns, without clown suits, had to show how far left they are,
    They only got to looney left and quit,
    Their heroes: Stalin. Hitler, Mao, Pol Pot, Chavez, Castro, Tito, Ceausescu, etc, etc.
    The deaths caused leftist zealots top 100 Millions world wide apart. to the economic evastion their policies bring.
    Just look at the prior administration,
    Barry could not spell economics.


Comments are closed.