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I propose that we immediately enact Jan Schakowsky's proposal to add new IRS tax brackets at the high end, described here, calculated here, then split one of those brackets and increase the marginal tax rate on the highest brackets per this schedule:
     $1-3 million: 45% (unchanged from Jan's proposal)
     $3-10 million: 55%
     $10-20 million: 60%
     $20-100 million: 65%
     $100 million to $1 billion: 70%
     Over $1 billion: 80%
which I first (2011.Sep.18) proposed here. This tax would be on all personal income after allowed deductions.
For capital gains and other investment income, the original total investments would be adjusted for inflation, and subtracted from the sale price, to calcuate the effective amount of profit, which would then be taxed the same as ordinary income.
I further propose that businesses be taxed, per that same new IRS schedule, on all income that goes anywhere except back into the USA economy, a so-called "Economic Extraction Tax", details here.
Endorsements UP:TrHu