BONUS: Tax the Rich! (with Tax March Executive Director Maura Quint)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 3 May 2019

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our friends at the Tax March, a national progressive tax awareness coalition, just launched a new campaign called “Tax the Rich” which urges every Democrat in Congress and every presidential candidate to support taxing the country’s wealthiest people. Zach talked to the Executive Director of Tax March, Maura Quint, about the launch of the campaign, Tax March’s plan for the 2020 election, and why higher taxes on corporations and the wealthy is both good policy and good politics. Plus, Annie explains marginal tax rates and capital gains. Maura Quint is the Executive Director of Tax March. Twitter: @behindyourback https://taxmarch.org/ https://www.vox.com/2019/3/19/18240377/estate-tax-wealth-tax-70-percent-warren-sanders-aoc https://www.vox.com/policy-and-politics/2019/1/7/18171975/tax-bracket-marginal-cartoon-ocasio-cortez-70-percent

Transcript

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0:00.0	Hey Zack Silk here, President of Civic Ventures.
0:07.0	I'm welcoming you to a bonus episode.
0:09.5	We're having a conversation today with Mara Quint.
0:12.0	She's the executive director of Tax March.
0:14.8	You'll find out all about it. We've been partnering here at Civic Ventures with them
0:19.7	for the last couple of years and they're launching a brand new campaign that we think you will
0:24.6	be excited about.
0:25.6	Hey there, I'm Annie Fadley.
0:28.3	I work on Policy here at Civic Ventures and I help produce this podcast.
0:32.2	Zach and Mara are going to talk a lot about tax rates,
0:34.5	and I wanted to interrupt with a quick explainer
0:36.5	about the difference between marginal and effective rates,
0:39.0	along with some background information that will help
0:41.0	you get the most out of their conversation.
0:42.8	So for example, say that you're a single filer earning $100,000 a year.
0:47.4	That puts you into a tax bracket with a top marginal rate of 24%,
0:51.8	but you don't actually pay $24,000 a year in taxes. First, assuming you don't itemize,
0:57.6	you get to take the $12,000 standard deduction, which knocks your adjusted gross income
1:01.8	down to $88,000.
1:04.0	Then you pay progressively higher tax rates on each portion of your income
1:08.0	that falls into progressively higher tax brackets.
1:11.0	10% on the first $9,700 of taxable income, 12% on the next 29,875 dollars of income, and so on.
	...

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