Taxing the wealthy to solve income inequality

Published 20 hours ago  on April 22, 2019By Harry Dent A tax professional friend of mine told me recently that he’s surprised every year to see how many people leave their tax filing to the last minute.Maybe they’re too busy.

Doing so would also help solve the runaway budget deficit and federal debt problem, which doubles about every eight years or two administrations.A more effective approach to increase revenue and curb inequality would be to focus on the top five percent that now pays 62.9 percent of the taxes.Tax income above $300,000 at 42 percent instead of the 37 percent top rate now.Tax income above $700,000 at 50 percent.Tax income above $1 million at 60 percent.Sounds pretty horrendous to me, and you too, I’m sure — especially when you add in state and local taxes that aren’t deductible anymore.

(Featured image by create jobs 51 via Shutterstock)—DISCLAIMER: This article expresses my own ideas and opinions.

Related Topics:businesseconomyfeaturedfinancepersonal financetax filingtax incometaxesyour money Harry Dent Harry S. Dent Jr. studied economics in college in the 1970s, receiving his MBA from Harvard Business School, where he was a Baker Scholar and was elected to the Century Club for leadership excellence.