Skip to main content

View Diary: Rubio joins Republicans claiming rich will evade higher taxes (103 comments)

Comment Preferences

  •  First thing to determine is (0+ / 0-)

    that level of total income that 2/3 of each house fall below. Next, in any tax reform bill, exempt every senator and congresscritter from any tax consequences on income up to that point. This would mean that a solid majority in Congress would have immunity from the consequences of their legislative efforts.

    Cynical? You bet. But at least you wouldn't have legislators voting against a bill solely for their own personal profit.

    Next, enact a surtax on all income. This surtax would have a ten year expiration, just like the Bush tax cuts. It would levy a tax on all income from whatever source, even on "tax free" bonds.

    This surtax would be levied only on income above some reasonable threshold. $250,000 seems to be the current thinking, though I think it should be somewhat lower. There would be no deductions, exemptions, or tax breaks of any kind. The surtax would apply only to household income, not to businesses.

    Investments that are completely liquid, such as common stocks, would be marked to market at the end of the year for tax purposes. This would include cash positions held in class S corporations and other privately held businesses.

    Don't tell me that it's impossible to raise taxes on the wealthy. Staying out of prison is generally a high priority with them. (Leona Helmsley notwithstanding.)

    You don't need a weatherman to know which way the wind blows. --Bob Dylan-- -7.25, -6.21

    by Tim DeLaney on Mon Nov 19, 2012 at 08:41:07 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site