Tax Rate Soars To 62% Under Democrats Plan

If the Democrats get their way on taxes, the top combined tax rate would soar to 62 percent, warns economist Stephen Moore of The Wall Street Journal.

A combination of higher income tax rates, phasing out of deductions, payroll taxes, state taxes, new healthcare taxes, and a 3 percent “millionaire’s tax” would add up fast, Moore says.

Now taxes abroad are falling while U.S. rates are set to rise. “What all this means is that in the late 1980s, the U.S. was nearly the lowest taxed nation in the world, and a quarter century later we're nearly the highest,” Moore explains.

The US now has the world's highest corporate tax rates, after Japan dropped theirs a few months ago.  Moore points out that when Reagan and the GOP Congress under Clinton lowered capital gains taxes, and income tax rates, the US raced to the world's leading economy; created over 35 million jobs in the interim.  Today, under Democrats, the debt is now at record levels, and the tax rates are rising fast.

The trend is clear...Democrats are going to fully destroy the country raising taxes, debt, spending, lowering wages, and printing money leading to inflation in energy and food.