A few months ago, I wrote about one of my favorite phrases used by Democratic politicians in Washington, D.C.: "Pay your fair share." Politicians love saying wealthy Americans aren't paying enough.The problem is the numbers tell a different story.The top 1% of taxpayers already pay roughly 40% of federal individual income taxes.
The top 10% pay the overwhelming majority of taxes.So, here's my question.If that isn't enough, what exactly is enough?BILLIONAIRE BEZOS SUGGESTS NO TAXES FOR HALF THE NATION.
IS THAT CRAZY OR OVERDUE?Because the debate isn't stopping at ordinary income taxes.Soon it will be capital gains taxes, Social Security taxes and then estate taxes.
Here are five more ways successful Americans could increasingly find themselves paying even more.No matter how much we pay in taxes, some politicians are looking to tax more.(iStock)This is the easiest one.
Need more money? Raise the top tax bracket.FORMER WASHINGTON GOVERNOR RIPS HER OWN PARTY FOR PUSHING MILLIONAIRES OUTBut high earners already pay the highest federal marginal income-tax rate, plus state income taxes that can push combined marginal rates significantly higher in places like California and New York.At what percentage does "fair share" officially become fair? The last time the top tax rate was above 39.6% was 40 years ago, when it was 50%.Could it be 50% again? No political candidate will tell you that number.Here's another Washington favorite.
This one is sneaky and likely the No.1 tax angle to be attacked if political winds change in the White House.
Tax investment gains more like ordinary income.Sounds simple until you remember where investment capital comes from.People risk money starting companies, funding businesses, buying stocks and investing in real estate because they hope to earn a return.PROGRESSIVES WANT TO TAX BILLIONAIRES FIRST, AND YOU'RE NEXT ON THE LISTYou can tax that return more heavily.
Just don't pretend people won't change their behavior when you do that, becau...