Almost 1,500 Millionaires Do Not Pay Income Tax

Share
Copy

"In my perfect world, we'd take the 35 percent corporate tax rate down to nine so that we're the most competitive in the industrialized world. Zero out capital gains. Zero out the alternative minimum tax. Zero out the death tax," Bachmann, R-Minn., told the Wall Street Journal's Stephen Moore in June.

The Tax Policy Center estimated that eliminating just the capital gains tax would allow 23,000 more millionaires to skip out on paying income tax.

Former Minnesota Gov. Tim Pawlenty, who is also running for president, took it a step farther, suggesting in a June speech at the University of Chicago that not only should capital gains taxes and the "death tax" be eliminated, but interest income taxes and dividends taxes should be cut as well.

Those cuts, he said, would help simplify the "9,000-page monstrosity" that is the U.S. tax code. It would also enable the government to create just three tax brackets, instead of the current six, and reduce overall rates, he said.

According the Tax Policy Center , Pawlenty's proposal to eliminate those taxes on investment income would allow about 50,000 more millionaires to avoid paying any income tax.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: Ebola patients Nina Pham, left, Dr. Craig Spencer, center, and Amber Vinson are seen in undated file photos.
Courtesy Pham Family | LinkedIn | Obtained by ABC
PHOTO: Television personalities Mama June and Honey Boo Boo are seen in this, June 11, 2014, file photo.
Douglas Gorenstein/NBCU Photo Bank/Getty Images
PHOTO: Overall winner for the Wildlife Photography of the Year 2014, The last great picture by Michael Nick Nichols.
Michael Nick Nichols/Wildlife Photographer of the Year 2014