Super Rich

Jay-Z joins the ranks of the “Super Rich” who say that they are willing to pay more taxes.

 Jay-Z now joins the likes of, Mark Cuban, Warren Buffett, Mark Zuckerberg and Ted Turner, as well as actors Mark Ruffalo and Edie Falco, who all say that they are willing to pay more in taxes as long as it goes to the right things.

Last year 100 Millionaires signed a petition addressed to President Obama asking him to allow tax cuts on incomes greater than $1 million to expire as scheduled.

Patriotic Millionaire for Fiscal Strength. Lobbied Congress for higher taxes. Garret Gruener said that there were about 200 folks who make a substantial amount of money who believe that it’s time to roll back the Bush tax cuts, and that essentially what need to happen is that we need to tax the rich.

The marginal tax rate under President Clinton was 39.6% and dropped to 35% under President George W Bush, some in Washington are simply proposing that we take that rate back up to the 39.6% rate, where it was under President Clinton.  How much money would raising the marginal tax rate bring in?  To understand the answer to that question we must first know what the marginal tax rate is. A marginal tax rate is the tax rate that applies to the last dollar of the tax base, and is often applied to the change in one’s tax obligation as income rises. For this reason, for example Warren Buffet paid $6,938,744. In taxes, while this may sound like a lot it was only about 17.4% of his income.  Most average Americans pay between 33% to 41% of their income.

You can do the math, raising the rate would put everyone on a level playing field.


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