Dave Johnson:
Tax The Rich: A Deficit Plan That Doesn’t Hit We, The People
Here is MY deficit-reduction plan. This plan does not reflect the views of anyone but myself — and maybe half the population. Unlike deficit plans from the “serious people” in DC, this one doesn’t annihilate the poor and gut Social Security and the middle class while passing even more of the benefits of our society up to a few at the top.
1) Restore pre-Reagan top tax rates. We didn’t have massive deficits until we reduced the top tax rates.
2) Income is income. No more reduced capital gains tax rate…
3) Income is income. Inheritance income should be taxed as income, except there should be a “democracy cap” on how much someone can inherit…
4) Businesses should be taxed or not taxed, but not taxed AND not taxed. They shouldn’t be able to use “double Irish” or “Dutch sandwich” or operate out of PO boxes in Bermuda or the Cayman Islands…
5) If you don’t pay your taxes We, the People won’t pay to provide you with services. We can start by not allowing you to have a driveway that connects to public streets, or water/sewer hookups or mail. Also we won’t enforce any contracts for you, including the one that says you “own” your house(s). And no government-developed Internet for you.
Read the whole thing. It’s a sensible plan.
Here’s my comment:
I met Bill Gates, Sr. at a meeting of nonprofits.
I asked if we could justify a progressive income tax by maintaining that people who own a lot of stock use governmental services such as courts, streets and other infrastructure, police to maintain order, and even education for their companies’ employees, much more than I.
He agreed with me and suggested that instead of calling it a progressive tax, we should call it a PROPORTIONAL tax. Which is what it is.