If the 70 percent rate were applied to all income greater than $10 million, including from capital gains and dividends, the government could actually lose money over that period if enough people delayed selling their assets to avoid taking the immediate hit from the higher rate, the Tax Foundation said.
John Yarmuth, House Budget Committee chairman, sees 'no way' to balance U.S. budget →
But apart from that, phone-service levies also affects a service the poor need more, the Tax Foundation said.
Tax rates on cellphone service hit record high: report →
