Each day over the coming month we shall outline a New American Agenda which can restore economic prosperity and equity to this nation. At a time of soaring national debt, at a time of soaring unemployment, at a time of an economy that grows at a 2% annual rate, there is need to revisit the system of taxation in this nation. Perhaps, we could pass laws requiring anyone earning over a million dollars a year to do the following:
Purchase each day: 100 cartons of milk 75 pounds of ground beef, twenty skirts, ten pair of pants, etc.. but I doubt if the law could be enforced. Simply stated we live at a time in history when the top 1% of our wealthy folk control 23.4 % of our annual income. We have spent the past twenty years living under the Republican trickle down theory and the only thing correct about it is rename the process to trickle up theory and we can understand the current economic situation. During World War II income tax rates were double what they currently are. We must adopt the WWII attitude and raise taxes in order to ensure equity. Here are our proposals:
1. All money earned via wages of through the stock market will be taxed at the rate of 50% of money over a million dollars and at the tax rate of 75% for money above the $2 million level.
2. The social security tax will cover all wages.
3. The tax code will be reduced to a five page document.
4. All deductions will end.
5. No one earning less than $35,000 a year will be taxed.
6. A national tax of 2% will be imposed on all non-food items.