What is the fair share tax rate for the wealthy and very wealthy? That was the question that Neil Cavuto asked a Democratic guest recently. She was reluctant to answer, but I will provide my answer in her place.
The Federal income tax for individuals and corporations (who are people after all according to Mitt) should progressively increase to a top rate of 75%. The capital gains rate should be the same since the wealthy get most of their income from now lower-taxed capital gains. The estate tax (so-called death tax) should also be a progressive tax topping out at 100% on estates of $5 million or $50 million or some such number. Supposedly we believe in a level playing field here in the US. Allowing the children of the wealthy a lifetime free ride is not what we stand for.