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Chart: Surtax on millionaires would hurt little, net little, say analysts

An analysis of Obama’s proposed surtax on millionaires to fund his job program will be paid by an infinitesimally small percentage of American taxpayers, and

Jul 31, 2020
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An analysis of Obama’s proposed surtax on millionaires to fund his job program will be “paid by an infinitesimally small percentage of American taxpayers, and that the surtaxes themselves would constitute an infinitessimally tiny percentage of the income of the wealthy,” according to The Washington Posts‘s Greg Sargent. Despite this, political gridlock from Republicans and centrist Democrats has continued over the proposed surcharge and the effect it may have on small businesses.
But Sargentsays that this worry is inflated. The chart below shows the proposed tax amounts in Obama’s bill, compared to the income of the individual high earner – individuals that the Occupy Wall Street movement has termed the 1 percent.
Image has not been found. URL: http://chart.apis.google.com/chart?chtt=Infrastructure+Proposal+Tax+Effects&chts=000000,12&chs=300x500&chf=bg,s,ffffff|c,s,ffffff&chxt=x,y&chxl=0:||1:|0.00|1,461,500.00|2,923,000.00&cht=bvg&chd=t:0.46|100.00&chdl=Average+Taxed+Amount|Average+Taxpayer+Income&chco=ff0000,330099&chbh=25
According to data from Citizens for Tax Justice, the reality of the surtax would look like this:
  • If the new infrastructure proposal were enacted, the 0.7 percent surtax would amount to all of $13,457 on average for the millionaires that would pay it.
  • If the new infrastructure proposal were enacted, the surtax on millionaires would impact a grand total of 345,532 taxpayers nationwide — or 0.2 percent of American taxpayers.
  • In a large majority of states, fewer than 5,000 taxpayers in each state would feel these surtaxes. In around half the states, fewer than 3,000 in each would be impacted. In most states, 0.2 percent or fewer of taxpayers would pay the surtax.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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