An Offer to the President Mr. President, we heard what you said...
An Offer to the President
Mr. President, we heard what you said last week in Kansas – about the dangers to our economy and democracy of the increasing concentration of income and wealth at the top.
We agree. And many of us are prepared to work our hearts to get you reelected – as long as you commit to doing what needs to be done in your second term:
-- Raise the tax rate on the rich to what it was before 1981. The top 1 percent has an almost unprecedented share of the nation’s wealth and income yet the lowest tax rate in 30 years. Meanwhile, America faces colossal budget deficits that have already meant devastating cuts in education, infrastructure, and the safety nets we depend on. The rich must pay their fair share. Income in excess of $1 million should be taxed at 70 percent – the same rate as before 1981.
-- Raise capital gains taxes to the same level. It’s absurd that the 400 richest Americans – whose wealth exceeds the wealth of the bottom 150 million Americans put together – should pay an average 17 percent tax on their incomes, the rate day laborers and child-care workers pay. That’s because so much of the income of the super-rich is considered capital gains, now taxed at only 15 percent. Close this loophole.
-- Tax financial transactions. A tiny tax on every financial deal would yield billions of dollars more. It would also slow specul