Sunday, September 18, 2011

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy

How can we increase revenue? We can change the tax code for starters. The pre Reagan system was much better with multiple tax brackets. Most people never had to deal with that, only those making more than $125K in today's dollars. You could change the capital gains tax rates to reflect the time the security was held i.e. less than 1 day pay 90%, bracket down to 10 years and pay nothing in taxes on that money. That would stop speculatio­n on a grand scale, yet still allow for investors to take a chance. We could change the laws on imports, by taxing companies that import products a "worker displaceme­nt tax" based on the declared value of the goods, to bring those prices back in-line with American job rates. This would make American workers competitiv­e, encourage local sourcing, cut down on green house gasses, and push the economy forward.

Changing the tax code encourages reinvestme­nt in the business, rather than payout to corp. execs and dividend demands from stockholde­rs. That increases revenue into the government­. More Americans working, increases that further, allowing us to pay off our external debt, and maybe have money to fix (not repair) our crumpling infrastruc­ture.
Read the Article at HuffingtonPost

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