Monday I was asked to speak about taxes. Since I don’t exactly know what type of tax solutions were requested, I’ll provide my observations & Solutions.
To counter Inequality revenue must be generated to stimulate the Economy. To generate revenue, I propose the following tax on :
- 1. Estates in excess of $10Million should be taxed. A graduated tax in increments of 5% starting at $11 Million @35% tax and increasing to $1Billion @55% tax. Prior to total wealth transfer to their families tax free, I remember paying a 55% tax on my parents $1Million estate in 1995. Taxation in this country is assessed on the Middle Class and the poor because there are no loopholes for us. Our tax structure creates “Our State of Inequality”.
- 2. I’d take away payroll deductions from those earning $118,000 or less and start payroll deductions for everyone earning above this amount. Including fee income. I’d Tax Total compensation! Why exempt the wealthy when they get Medicare benefits, too?
- 3. We could ask for a 5-7% tax on total assets and land use by developers.
- 4. No more tax exemptions for apartments costing $25Million+ in NYC or elsewhere?
- 5. Corporate tax should have been lowered to 28% without loopholes, encouraging Corporations to earn tax credits by increasing wages and R&D.
- 6. DERIVATIVES would benefit from a 6% transaction tax on total contract value! There are a $Quadrillion in risky derivative products in the Global Marketplace. Knowing that markets’ misbehave, it’s prudent to curtail risk of these known “weapons of mass destruction”.
- 7. Use farm and fossil fuel subsidies to encourage Carbon Emissions sequestration and development of alternative fuels.
Inequality exists in America. Too many citizens live below the poverty level. Employees at major corporations are earning $ 8-15/hour. The public is subsidizing their wages with food stamps and where possible housing allowances. Many are homeless while working. This is an unacceptable condition for Americans.
Now that we are feeling the effects of climate change and poor city planning, we need meta analysis to site our housing away from toxic waste, fires and floods.
We were promised clean air and water. As the planet heats , we are assured of neither. We can’t act quickly enough to mitigate climate events or to provide revenue to our citizens!
A basic living wage is doable now, one time, $12,000 to 154,000,000 Americans earning below $75,000 a year. It wouldn’t involve a tax. Treasury would be required to retire 2008 bonds. They total $1.7 Trillion. Then the Middle Class and poor would have money to spend. It’s a win win for the economy. The revenue would recirculate.
- Because of legacy rights, Middle Class kids have a tough time getting into Ivy League Colleges or Colleges that don’t want kids with student loans. The consequence, these Middle Class kids have limited equal opportunity for jobs, college and homes.
I wouldn’t brand Inequality as a red or blue issue, it’s existence prevents the US from moving forward. We are stifling the creativity of future generations. We are creating a class that rules. This was not the intention of our Founding Fathers.
Being anti labor may be a political weapon to some, to me it’s inhuman. Inequality in America is greater than any other western nation. It’s time to create equal opportunity for all! Not just the lucky few born into money or creating the Laws leading to our State of Inequality.
- It’s time to stop Inequality. It’s time to #RockTheVoteForDEMS2018 & #EmbraceTheFuture.
- I could add to my tax wish list. I’m relying on you to fill in the blanks. See you Thursday and we’ll chat. Name the subject, civil discourse can tackle any subject.
“The heart and pulse of the Middle Class “
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Develop a Lobbying organization to support Labors wishes for fair wages and quality benefits. Seats on the Corporate Board. Transparency in wages and growth opportunities. All salaries within every job description to be published leading to equality and gender equality, too! Privacy from management review. No information, except how many are represented, to be revealed. I will hire a team to work with me, and you, the Corporate employee, will control & dictate, all actions to be taken.