A recent opinion column published by Fox News argues that proposals to raise taxes on wealthy Americans go too far, questioning what politicians mean when they call for the rich to pay their “fair share.”
The piece, written by Ted Jenkin, contends that the top 1% of taxpayers already pay roughly 40% of federal individual income taxes, and that the top 10% pay the large majority of all federal income taxes. Jenkin argues that if current contributions aren’t considered enough, politicians should specify what percentage would be.
The column identifies five areas where Jenkin says successful Americans could face higher taxes in the future.
Raising the Top Tax Bracket
Jenkin notes that high earners already pay the highest federal marginal income-tax rate, and that state income taxes can push combined marginal rates even higher in states like California and New York. He points out that the top federal rate was last above 39.6% four decades ago, when it stood at 50%.
Taxing Capital Gains as Ordinary Income
The column argues that taxing investment gains the same as regular income could discourage the kind of risk-taking that funds new companies, businesses, stocks and real estate.
Wealth Taxes
Jenkin raises the example of a wealth tax, which would tax ownership of assets rather than income earned. He uses the example of someone who builds a company worth $100 million but does not have that amount in cash, since the value is tied up in the business. He points to a ballot measure in California this November as an early test case, and notes Gov. Gavin Newsom has urged voters to reject a billionaire’s tax measure there while proposing a nationwide tax increase.
Estate Taxes
The federal estate tax already applies to large estates, with a top rate of 40% for 2026 on estates above the federal exemption, and some states impose additional taxes. Jenkin notes the current exemption is $15 million, but warns that if it reverts to 2000-era levels — under $1 million — heirs could face tax rates of 50% or more on inherited assets.
Add-On Taxes
The column also highlights smaller, additional taxes that have been layered onto existing tax codes, including the federal 3.8% Net Investment Income Tax and the 0.9% Medicare surtax on certain higher earners. At the state level, it cites Massachusetts’ millionaire surtax and California’s high-income surtax as examples of incremental increases that add up over time.
Jenkin’s column argues that Congress, not taxpayers, is responsible for the tax code’s provisions and loopholes, and that lawmakers should specify an exact definition of “fair share” before using the phrase to justify further tax increases.
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