Tax Holiday for 1%; GOP Push Millionaire-Friendly State Taxes
A Tax Holiday Has Begun for the 1%. Most people pay a Social Security tax of 6.2 percent on their income throughout the year, on every dollar they earn. But the top 1% are only taxed during the first six weeks of the year, on a small portion of what they earn.
Brewing ‘Perfect Storm,’ GOP Lawmakers Push Millionaire-Friendly State Tax Schemes. As income inequality in the U.S. continues its ascent, Republican lawmakers in several states are pushing increasingly regressive tax agendas that only promise to benefit top earners while burdening states’ poorest residents.
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