Congresswoman Jan Schakowsky (D-IL) has introduced the cleverly-named “Fairness in Taxation Act” that would tax millionaires and billionaires at rates that will cause John Boehner to hack up both his lungs.

Despite the futility of the FiTA, these are some tax rates that Tom Bloch can get behind!

The bill would create the following new tax brackets for millionaires and billionaires:

• $1-10 million: 45%
• $10-20 million: 46%
• $20-100 million: 47%
• $100 million to $1 billion: 48%
• $1 billion and over: 49%

And Schakowsky obviously has a thing for the Steve Cohens and John Paulsons of the world:

The current top tax bracket begins at $373,000 in income and fails to distinguish between the “well off” and billionaires, such as the top 20 hedge fund managers whose average income last year was over $1 billion, Schakowsky pointed out.

Congresswoman Introduces Bill to Tax Millionaires and Billionaires [AT]