So now it is time for us to return to sanity, to turn to our rich uncles and say to them that it is their duty to pay the society back. Consider that in Germany a large group of wealthy individuals came together to petition the government for higher taxes on themselves. More than anyone else, they see the disconnect between their own extreme wealth and of society's penury. Consider that the British government just doubled the taxes on its own bankers that benefited so richly from government bailouts (to the tune of $1.75 trillion dollars). We too need to put increased taxation on the well-to-do onto the table.
It is only occasionally that one gets a glimpse into the lives of the super-rich. One such opportunity came with the divorce papers filed by Jamie McCourt. She asked her ex for some $490,000 per month in spousal support. Would a little more taxation really be anything more than an inconvenience here? At a time of nearly Depression-level unemployment rates, we need to provide for our own society's needs again after three decades of neglect. From the bottom up this time. Top-down did not work.
Wealth is much more concentrated than income in this
country. Whereas the top 1% garner 17% of gross national income, they hold over
34% of tangible wealth. Whereas the top 10% garner some 42% of national income,
they hold more than 70% of all such wealth. Guess where we need to go to restore our
national finances? Total tangible wealth in this country is calculated to be
about $55 Trillion. Some of that now needs to be paid back to the Treasury. This
is where both good sense and economic justice converge. How nice that there is
also a convergence with the best of conservative thinking on taxation.
Clearly what is most needed is a flat tax on tangible wealth. A mere 1% tax would provide $550B toward the deficit. Surely a 1% tax will be seen a worthwhile insurance policy by wealth holders, when the alternative is a sinking dollar. Combined with the addition of a 2% flat tax to support Social Security, we will then be in a position to flatten income tax rates so that incentives are properly maintained. Conservatives should be pleased.
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