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Tax the rich? Democrats’ plans let billionaires off the hook

·3 min read
Tax the rich? Democrats’ plans let billionaires off the hook

The House Ways and Means Committee outlined plans on Sept. 13, to move the top marginal income rate up a couple of notches to 39.6% and to introduce a 3% surtax on incomes above $5 million. Tax policy is deemed progressive if the chunk of income taken increases with the income of the individual – so wealthy Americans would pay a larger proportion of their income than poorer ones. With a regressive tax policy, lower earners pay a larger percentage of their earnings in tax than wealthier ones.