Why don't we have a windfall tax bracket for millionaires?

[Herman Munster]

Income over $1 million should be taxed at 50%

Income over $10 million should be taxed at 70%

Get rid of all the loopholes and the bullshit trusts, shell corporations, and offshore bank accounts while we are at it too.

That would go a hell of a long way to curb the insane compensation among CEO's and executives we've seen.

[stevebreeze]

1. because they are in the business of buying politicians?

[SoCalDem]

2. never Buy politicians... It's cheaper to rent them n/t

[Rosemary2205]

3. I have no interest in PUNISHING hard work and success.

I do, however, expect everyone to pay thier fair share. Taxing Bill Gates' billions in dividends at 15% and my paychecks at 34% is just plain wrong.

[stevebreeze]

4. especially since Gates can determine how much income he desires

and magically that is the microsoft dividend.

[lapfog_1]

5. Using dividends and Gates is not a very good example...

Microsoft has rarely paid dividends.

Here is a story on the first dividend paid:

<snip>
Microsoft Corp., which has amassed an unparalleled cash hoard of nearly $60 billion from its world-dominating software business, announced yesterday that it would return a large chunk of it to shareholders, much of it through a one-time dividend of $3 for every share held by investors.

With 10.79 billion shares outstanding as of March 31, the company will pay out more than $32 billion in that one stroke, pending approval of the plan by shareholders.

Company chairman and founder Bill Gates stands to get about $3.3 billion, and he pledged yesterday to give the entire amount to his family's foundation, already the nation's largest.

[stevebreeze]

6. to the contrary Gates still controls the money weather in his pocket of that of his foundation

the dividends were announced only after the rates were dropped to 15%.
I would also note that the rate Gates pays on most of his income is in long term capital gains also at the 15% rate passed in the same bill as the dividend tax cut.