{"id":394679,"date":"2019-01-31T00:51:29","date_gmt":"2019-01-30T23:51:29","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/rip-off-the-rich-lewrockwell\/"},"modified":"2019-01-31T00:51:29","modified_gmt":"2019-01-30T23:51:29","slug":"rip-off-the-rich-lewrockwell","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/rip-off-the-rich-lewrockwell\/","title":{"rendered":"Rip-Off the Rich? &#8211; LewRockwell"},"content":{"rendered":"<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t                            \t<!-- S3 Cache --><!-- S3:S3:Original -->\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>According to the <a href=\"https:\/\/taxfoundation.org\/summary-latest-federal-income-tax-data-2018-update\/\">latest figures<\/a> released by the Internal Revenue Service (IRS):<\/p>\n<ul>\n<li>In 2016, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.<\/li>\n<li>The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).<\/li>\n<li>The top 1 percent of taxpayers paid a 26.9 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.7 percent).<\/li>\n<\/ul>\n<p>\u201cThe rich\u201d are also punished through the phase-out of tax exemptions, deductions, and credits as their income rises.Yet, according to Democratic politicians like Senator Elizabeth Warren, Representative Alexandria Ocasio-Cortez, Senator Bernie Sanders, and former Senator Hillary Clinton, \u201cthe rich\u201d are still not paying enough in taxes.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2019\/01\/24\/elizabeth-warren-to-propose-new-wealth-tax-economic-advisor.html\">Senator Warren<\/a> has proposed a \u201cwealth tax\u201d on the richest Americans:<span class=\"amazon-element-wrapper-custom align-right\"><br \/>\n<span class=\"amazon-element-med-image\"><span class=\"amazon-image-wrapper\"><a href=\"https:\/\/www.amazon.com\/Free-Society-Laurence-M-Vance\/dp\/0996786937?SubscriptionId=AKIAI63WS3YGA3Y5U2QA&amp;tag=lrc18-20&amp;linkCode=xm2&amp;camp=2025&amp;creative=165953&amp;creativeASIN=0996786937\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/images-na.ssl-images-amazon.com\/images\/I\/516BfURFutL.jpg\" alt=\"\" class=\"amazon-image amazon-image-medium\"\/><\/a><\/span><\/span><br \/>\n<span class=\"amazon-element-title\"><span class=\"appip-title\"><a href=\"https:\/\/www.amazon.com\/Free-Society-Laurence-M-Vance\/dp\/0996786937?SubscriptionId=AKIAI63WS3YGA3Y5U2QA&amp;tag=lrc18-20&amp;linkCode=xm2&amp;camp=2025&amp;creative=165953&amp;creativeASIN=0996786937\" target=\"_blank\" rel=\"nofollow\">The Free Society<\/a><\/span><\/span><br \/>\n<span class=\"amazon-element-author\">Laurence M. Vance<\/span><br \/>\n<span class=\"amazon-element-lowest-used\"><span class=\"appip-lowest-used\"><span class=\"appip-label label-lowest-used\">Best Price: <\/span>$12.00<\/span><\/span><br \/>\n<span class=\"amazon-element-formatted-price\"><span class=\"appip-formatted-price\"><span class=\"appip-label label-formatted-price\">Buy New <\/span>$19.95<\/span><\/span><br \/>\n<span class=\"amazon-element-disclaimer-new\"><span style=\"display:block;color:#888;font-size: .80em; padding: 0 0 3px 0;\">(as of 11:40 EST &#8211; <span style=\"cursor:pointer;\" title=\"Product prices and availability are accurate as of the date\/time indicated and are subject to change. Any price and availability information displayed on Amazon.com at the time of purchase will apply to the purchase of this product.\">Details<\/span>)<\/span><\/span><br \/>\n<span class=\"amazon-element-button\"><a target=\"_blank\" href=\"https:\/\/www.amazon.com\/gp\/aws\/cart\/add.html?AssociateTag=lrc18-20&amp;SubscriptionId=AKIAI63WS3YGA3Y5U2QA&amp;ASIN.1=0996786937&amp;Quantity.1=1\" rel=\"nofollow\"><img decoding=\"async\" src=\"http:\/\/www.lewrockwell.com\/wp-content\/mu-plugins\/amazon-ad-link-lr\/img\/buy-from-tan.gif\" border=\"0\"\/><\/a><\/span><br \/>\n<\/span><\/p>\n<blockquote>\n<p>We need structural change. That\u2019s why I\u2019m proposing something brand new \u2013 an annual tax on the wealth of the richest Americans. I\u2019m calling it the \u201cUltra-Millionaire Tax\u201d &amp; it applies to that tippy top 0.1% \u2013 those with a net worth of over $50M.<\/p>\n<\/blockquote>\n<p>Her proposal would \u201cassess a 2 percent annual wealth tax on individuals with more than $50 million in net worth, increasing to 3 percent on those with more than $1 billion in wealth.\u201d<\/p>\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/ocasio-cortez-suggests-individual-tax-rates-as-high-as-70-2019-01-04\">Representative Ocasio-Cortez<\/a> has proposed a higher income tax on the richest Americans:<\/p>\n<blockquote>\n<p>You look at our tax rates back in the \u201960s, and when you have a progressive tax-rate system, your tax rate, let\u2019s say, from $0 to $75,000 may be 10% or 15%, etc. But&#8230;<\/p>\n<\/blockquote>\n<\/div>\n<p><a href=\"https:\/\/www.lewrockwell.com\/2019\/01\/laurence-m-vance\/tax-the-rich\/\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the latest figures released by the Internal Revenue Service (IRS): In 2016, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent. The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-394679","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/394679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=394679"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/394679\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=394679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=394679"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=394679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}