The Pitchforks are out! How can we funnel the anger into something constructive? If you can pass a 90% tax rate, why not a 50% tax rate on all income over $1 million?
The problem with tax rate increases is that they hit small businesses unfairly, and we depend on small business for most of our jobs. Small and family businesses do not export jobs and are the bulwarks of their communities.
Unlike big companies who pay corporate income tax rates, small businesses pay at individual income tax rates, not corporate tax rates, and business owners pay social security and medicare tax on their business income that their corporate competitors do not.
Let's eliminate the unfair competitive advantage that public corporations enjoy, impose a surcharge tax on millionaires without impacting jobs, simplify tax filings for small business and make the tax more efficient and effective.