Bring back the Greatest Generations Tax on the ultra-rich! They knew what they were

[grahamhgreen]

doing.

A 70 to 94% tax rate could eliminate the debt and deficit in 10 years.

Let's do it and make ourselves be thought of as the new Greatest Generation!

It's simple.


Eliminating the Bush tax cut (4% increase) will raise 700 billion in revenues in 10 years. (http://www.nytimes.com/2010/08/11/us/politics/11tax.htm... )

Which means a 40% increase on the top tax rate to a rate similar to the pre-Reagan rate of 79.6% would yield 7 trillion in 10 years.

A 58% increase to 94% would yield over 10 trillion dollars over the next 10 years.

So our deficit of 1.3 trillion would be gone in a little over a year and our DEBT would be gone in under 10 years (as we pay it down).

Simple! Done and done - and we haven't added the critical taxes to investment income yet!

[nashville_brook]

1. big k and r.

[lostnfound]

2. The rich would flee and would take their money with them.

But I like the name -- "the Greatest Generations Tax"!

[AnArmyVeteran]

3. Let them go! To hell with them. We would be better off.

But for them to leave we could impose a 95% tax on everything they own before leaving the country. I'm sick and tired of the deadbeat rich. Who would you want as a neighbor, a billionaire who doesn't even know how to tie his shoes, or a migrant farm worker who actually produces something you need to exist? I'll take the guy who picks fruits and vegetables and actually produces something for society.

[jgraz]

4. Not if you also added a 50% emigration tariff on all assets over $1 million

Let 'em leave. Half their money will stay here.

[grahamhgreen]

7. Good riddance - they are leeches.

[Greyhound]

14. Bullshit. They aren't going anywhere (yet). Every other nation will either charge them much more,

or they are not places the parasites want to live.

Even in the extremely unlikely event that large numbers did slither away, we would be much better off without them.

[grahamhgreen]

16. Exactly.

[SammyWinstonJack]

17. You say that like it's a bad thing. Adios, I say.

[jgraz]

5. A good start, but not nearly enough

As long as we're dreaming, cut the everloving FUCK out of defense, liquidate the entire Cold War intelligence apparatus and divert that money to some serious social spending. I say we start by making every university in the country tuition-free.

[rhett o rick]

6. HOW?

[grahamhgreen]

8. However Eisenhower did it.

[rhett o rick]

9. How did he do it? And why hasnt Pres Obama? nm

[grahamhgreen]

13. I don't think it takes an act of congress. At most, reconcilliation.

[steelmania75]

10. I've been pushing for this for a long time. We need to get the word out about this.

People need to be informed! This, along with cutting defense spending and pulling out of the two wars would greatly cut the deficit in less than 10 years! Keep pushing this plan! BIG K AND R!

[MrMickeysMom]

11. Best post I've read tonight. Bring it...

... and I like the name, Greatest Generation's Tax, too.

While we're at it, let's tell this mistake of a commission Obama put together (which he's remained silent on) to drop dead. (especially you, Alan Simpson, don't forget to go to hell afterwards). What a Godamned joke it was to have thought once again these fools want to be "bipartisan". They want to gut the middle class, so I say -

Up YOURS, and while we're at it, extract soldiers from 2 ridiculously illegal and unfunded wars. Do it NOW.

[steelmania75]

12. And cut defense spending and end the war on drugs, and legalize drugs, tax them and get more revenue

to pay down this deficit. And while we're at it, give everyone in this country REAL healthcare by extending Medicare for All and eliminate tuition for colleges.

[MrMickeysMom]

15. It's the psychic network, steelmainia75... but, for one thing-

I am beginning to wonder about whether the legalization of things such as marijuana are likely to work, given the people in California who ended up fighting against it.

It must really be many people's last resort income, and this made me think differently as to HOW the legalization should be handled. Real strategies should apply so that cottage industries wouldn't be suffering. After all, they're already in the business model, aren't they?

You know, we recently saw a marathon on the TV Dial network (we don't get premium Showtime channels, or HBO) and it was on the highly popular series, "Weeds". This is an eye opener, isn't it?

Bottom line, we HAVE the damn means to get us out of this spiral down to absolute HELL. We are not mad enough about it. Judging from our friends across the pond, though, we will have to storm the barricades pretty soon if no one responds, which it appears to be the case!

Vigilance!

[laughingliberal]

18. Yep.

What is so hard about standing up and telling the American people that we saw the largest expansion of a middle class in the entire history of the WORLD under those tax rates and we've seen a huge contraction since the age of the Robber Barons reemerged?

Any Democrat who is afraid to tell people the truth about who's been stealing the country blind obviously does not have our best interests at heart.

And, as for the pragmatists, I think pragmatism means doing 'what works.' An honest pragmatist would have to admit what we've been doing isn't working.

[Greyhound]

19. ..

[Swamp Rat]

20. We need to raise taxes on the rich

a LOT!

[steelmania75]

21. I do have one question, with the budget deficit projected to be 1.3 trillion this year, and with the

proposed revenue of 1 trillion a year over ten years, wouldn't that mean a 300 billion dollar budget deficit every year?

[grahamhgreen]

22. There is an additional 2T in normal revenues, plus the deficit shoud go down

Like this:




I'm just ball parking it, but it looks like it would work.


2010 Y1: 14T - 3T (2T normal revenues plus additional 1T from tax on ultra-rich) = 11T debt
2011 Y2: 11T(debt) + 1T(deficit) - 3T = 9T debt
2012 Y3: 9T(debt) + 600B(deficit) - 3T = 6.6T debt
2013 Y4: 6.6T(debt) + 700T(deficit) - 3T = 4.3T debt
2014 Y4: 4.3T(debt) + 800T(deficit) - 3T = 2.1T debt
2015 Y5: 2.1T(debt) + 800T(deficit) - 3T = .1T debt
2016 Y6: .1T(debt) + 900T(deficit) - 3T = +2 Trillion SURPLUS!!!


I'm no economist, but if we give it a 4 year contingency and i think we can do it it 10 years.
Of course the deficit number would be going down as we paid off the debt.