90% TAX RATE?!

A group of Democratic lawmakers and the Patriotic Millionaires, an organization of high-income and high net worth individuals favoring higher taxes on the wealthy, are calling on Congress to pass a 90% income tax on incomes above $100 million as fears of a recession are growing.

Abigail Disney, a documentary filmmaker who is the granddaughter of Roy Disney, cofounder of The Walt Disney Company, joined the lawmakers to call for higher taxes on “extremely high income.”

“My grandfather paid a 90% marginal tax rate on his income, and he amassed plenty of wealth in the process,” she said at a news conference on Tuesday. “That means rates of up to 90% on incomes over $100 million.”

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