Tuesday, July 4, 2017

White House Considering a 'Millionaires Tax Bracket'

It is just getting worse.

John Carney reports that "one administration official who spoke on the condition of anonymity said that one idea that has been floated inside the White House is to create a “millionaires tax bracket” with a top marginal rate above 40 percent."

This is apparently the result of top Trump adviser Steve Bannon who says he wants to see a new higher tax bracket starting with a 4.

As Murray Rothbard might put it, "What gall!" This is supposed to be an administration that appreciates free enterprise, the entrepreneurial spirit and wants to shrink the government!?

Trump has always been a two-sided clown.

Paul Grad summarizes:
In a speech given in 1989 at the Libertarian Party convention, Murray Rothbard, the founder of the modern American Libertarian Movement, in discussing reaction to the sentencing  and income of Michael Milken, made the following comment about Donald Trump.

Rothbard quotes the New York Times as discussing the reaction of three famous individuals to the sentencing of Milken, and his $550 million/yr income: John Kenneth Galbraith, Donald J. Trump, and David Rockefeller. Galbraith, who made millions criticizing Capitalism, thought it was outrageous. Rockefeller opined that anyone who could make such an income showed a serious imbalance in our financial system.

When it came to Trump, Rothbard said, “The other was Donald J. Trump, of all the nerve, saying ‘You can be happy on less money than that.’ What gall, what chutzpah!”

From the 1989 New York Times piece Rothbard references:
Wages Even Wall St. Can't Stomach...

Mr. Milken's income left mouths agape on Wall Street as many wondered how Drexel could have allowed one person to gain so much power. And some say it highlights enormous and disturbing changes that have transformed the financial markets and shaken the foundations of corporate America in the last decade. Out of Balance

''Such an extraordinary income inevitably raises questions as to whether there isn't something unbalanced in the way our financial system is working,'' said David Rockefeller, retired chairman of the Chase Manhattan Bank, whose investments and shares of family trusts are estimated to be worth $1.1 billion. ''One has to be concerned when the norms that have been accepted over the years suddenly become so distorted.''...

Executives have also begun to voice concern about what the payments say about the firm's management. ''You can be happy on a lot less money,'' said Donald J. Trump, the New York developer, whose net worth is estimated at $1 billion. ''I'm amazed that the firm would allow someone to benefit that greatly.''...


  1. I am sure in some bizzaro Alice in Wonderland logic, some Libertarians for Trump will find a way to defend this, like they do for every other interventionist policy of this Administration. Cult of the personality is strong with this one.

  2. Rate reductions for 95% of the population and a new 40% rate for the rich kids of Instagram would be very popular.

  3. I think libertarians for Trump died. Anyone who thinks any politician doesn't have egotistical ambitions is fooling themselves. Politics are a psychological pathology. Bring back tar and feather