Whose Tax Plan Is Best For Millionaires?

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So here’s where we stand. Marco Rubio has a tax plan with a top rate of 35 percent that promises to boost our economic growth rate to 3.5 percent per year. Jeb Bush then came out with his plan, which has a top rate of 28 percent and a growth rate of 4 percent per year. Then Donald Trump announced his plan, which has a top rate of 25 percent and a growth rate of 6 percent per year.

Who’s next? Carly? I advise her to announce a plan that has a top rate of 20 percent and promises growth of 8 percent per year. Ridiculous? Sure, but who’s going to call her on it? I mean, what’s Bush going to do? Get into an argument about whose supply-side growth assumptions are the most out of touch with reality?

Besides, she has to compete with Ben Carson, who doesn’t have an official tax plan but has vaguely said he likes the idea of a flat 10 percent tax based on the Biblical practice of tithing—though he’s been a little wobbly on whether his tax rate would really be exactly 10 percent. I guess even God can be improved on.

In case you’re curious, here are the top tax rates on the rich from each of the leading candidates. The most dynamic defenders of free enterprise are at the top, while the losers are at the bottom:

  • Carson: 10-15 percent
  • Paul: 14.5 percent
  • Huckabee: ~17 percent (23 percent FairTax that eliminates the payroll tax)
  • Trump: 25 percent
  • Bush: 28 percent
  • Christie: 28 percent
  • Rubio: 35 percent
  • Fiorina: ?
  • Cruz: ?

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THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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