We need to bring back the tax system of the 1940's-1970's. You know, the one where if you got a lot of money, the government taxed your ass raw. If I remember right, I think that the top rate was 70% on the wealthy.
Now....before you break out the tar, feathers, and rope, hear me out. I think that the current tax rate (low) is a way to let the wealthy gain power at the expense of the less-than-wealthy. If you allow rich folk to keep too much of their money, they invariably start using it to buy the government to use for their own purposes.
So, here is my proposal. I propose that we set a maximum rate for all income taxes, local, state, federal. Local gets 15% of the total taxes, States get 30% of the total taxes, and feds get 55% of the total taxes. There are no deductions, there are no payroll taxes, there are not different types of income, capital gains are taxed the same as the income. This percentage is the amount that is deducted from your paycheck, period.
- <$8,000 per year income = no taxes $8001 to $20,000 = 5% of total income
- $20,001 to $50,000 = 15% of total income
- $50,001 to $100,000 = 20% of total income
- $100,001 to $250,000 = 30% of total income
- $250,001 to $1,000,000 = 40% of total income
- > $1,000,001 = 60% of total income
I will say this flat out. I want to do this to cripple the ability of the rich to buy the government they want.
I also propose a similar income tax on corporations. The corporations will be taxed on revenue. No exemptions, no fancy accounting. Revenue, Period. If you get a check for a dollar, you pay taxes on a dollar.
- <$100,000 net sales =5% of net receipts.
- $100,001 to $500,000 = 10% on net receipts
- $500,001 to $1,000,000 =15% of net receipts
- $1,000,001 to $10,000,000 = 20% of net receipts
- >10,000,001 = 30% of net receipts
There will be no taxes on interest income.
The rich aren't our friends. They have usually (there are exceptions) got rich by exploiting either people or tax laws or buying privilege from the government. Cripple their ability to write the rules in their favor.