A 10 percent surtax on incomes over $2 million should be levied on wages and salaries and investment income gained from wealth, including capital gains and dividends.
Privileged candidates from Donald Trump to Howard Schultz don’t have any idea what life is really like for a single parent raising two kids while working and attending night classes.
The estate tax was just slashed to exempt millionaire families up to $22 million, a doubling of the previous exemption, which had covered 99.8 percent of taxpayers.
It’s business executives through outsized CEO pay — not movie stars, professional athletes, or heiresses — who grabbed the dollars that once flowed to the American worker.
Almost half of the Florida Senate is in the millionaires club, and more than two dozen senators saw their net worths grow in the past year.
Scott, who reportedly spent $13 million last year on his re-election, stated he generated $9.8 million last year from his blind trusts. Unlike last year, however, Scott did not disclose the assets of the blind trust in the most recent report.
Critics say the device contradicts constitutional safeguards requiring Florida voters to be made aware of what a public official owns and how it might affect his or her decisions. Scott, who reported a net worth of $132.7 million as of the end of last year, is believed to be the only official using a blind trust.
Among the details in Scott’s financial disclosure, his Naples home and boathouse are worth $13.2 million, he owns 60 acres in Montana worth $1.4 million, and $43 million of his investments are tied to family investment firm RLSI-CSP Capital Partners in Naples.
The very rich, who are already less and less in touch with the lives of ordinary Americans, will further barricade themselves to avoid having to witness the decline of a country that is no longer about ensuring a decent standard of living for the greatest number of people.
The net worth of just 400 billionaires is on par with the collective wealth of our more than 14 million African- American households. Both groups possess some $2 trillion, about three percent of our national net worth, an economic injustice Martin Luther King would have decried, argues Bob Lord.