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Another diary today got me thinking about outside-the-box ideas that maybe some progressives wouldn't like. If we went over the curb in January, and we really wanted to make sure the economy would get what it needed to survive the sequester. Right now, economists (warning auto-play) are saying that the economy needs stimulus.
So I was thinking of this possible proposal for January(provided that we go over the cliff):
1. 35% tax rate for all income earners making under $1 Million, 36% marginal tax rate for those making over $1 Million. 20% capital gains rate.
6:13 PM EST EDIT: Ferg corrected me on this point. I was going for basically the Bush tax cuts for everyone under $1 Million, and 36% above $1 Million.
0% first $12k (standard deduction)
10% next 17k (total $29k)
15% next 53k (total $82k)
25% next 70k (total $150k)
28% next 140k (total $230k)
33% next 170k (total $400k)
35% everything over $400k
except it would be 35% between $400k and $1M and 36% over $1M.
2. $800 Billion in infrastructure spending, public investments in green energy, and spending to upgrade electrical grids for the 21st Century. Basically, $800B in pure stimulus spending with no tax cuts.
3. Social Security and Medicare are unchanged.
4. End the carried interest deduction, cap the mortgage home interest deduction, scale back the charitable deduction towards religious organizations(if not end it for religious charities).
5. Debt ceiling is extended for at least a year.
6. Medical device tax holiday for a year or two(not sure on this one. I know that device tax is an unpopular thing)
Just let me know if this is something that Obama could actually propose. Nobody really cares about the deficit, and it's important earned benefits remain the same and that the economy gets more stimulus spending so more people can be returned to full employment. If I were to include actual spending cuts, it would be small cuts like $200B in cutting defense waste.