Institute an annual progressive wealth tax that would start at 1% on family wealth over $1 million and reach 5% for wealth over $1 billion, with the tax imposed on wealth in excess of $1 million. It would include all forms of wealth, physical or financial, owned directly or indirectly, designed to tax evasion and rapidly reduce our current plutocracy.
Combine the public and private Pension/Retirement rules in regulations with no opting out of Social Security for Governmental employees and no spiking of pension benefits with maximum pension payouts for government employees equivalent to those of private industry. Also, eliminate all government and private industry medical care so that all Americans are enrolled in National Healthcare (aka "Obamacare")
Our current system of taxation is backwards: I pay 30% and multimillionaires pay 15%. Everyone should pay their fare share and everyone should get the same basic deduction. All income should be included: from salaries, wages, and tips to interest, dividends, bonuses, and capital gains. The deduction should be $60,000 and the rate should be 20% for EVERYTHING over that amount. No other deductions or loopholes whether you are Mitt Romney or Joe the Plumber - one size fits all.
Eliminate tax loop holes that allow large corporations to drastically reduce their taxes, end all corporate subsidies, create tax incentives for companies that manufacture here, end tax breaks for companies that export jobs and manufacturing, create a progressive tax structure that increases income and capital gains taxes as those earnings increase. Decrease taxes on everyone making less than $100,000 annually. Get the IRS off the backs of the middle-class. Reverse the obscene income inequality
Get rid of the capital gains tax on the first $10,000 made per year for all people and companies. All capital gains from $10,001 and up should be taxed at 35%, regardless of income. This encourages casual investors, i.e. most of us, to invest and to be able to make a little extra per year through careful investments. Large investment corporations, will not even notice a tax free $10,000, and they will continue to pay capital gains, but all at 35%.
I propose that we need a tax penalty for corporations that when they have over a certain percentage of their employees, lets say 25%, on government assistance like SNAP or food stamps they should be charged a penalty equal to the amount of assistance their employees receive. This would mean instead of the taxpayers subsidizing the pay of these extremely profitable companies employees pay they would have to subsidize their own employees pay or actually pay a living wage.
Sales taxes disproportionately affect low wage earners. Eliminate most sales taxes except for those on unhealthy foods, beverages, cigarettes, etc., and luxury taxes, which should be increased. Offset the remaining revenues with taxes on earnings above $500,000/yr., the rate for which should increase over a half-dozen brackets up to $1B/yr, with a rate of 75%.
The American budget can not only balanced, but the deficit eliminated and social programs paid for all at the same time simply by cutting military spending in half. America currently spends more on the military than the next 13 countries COMBINED. Even cutting the military spending in half, America would still outspend each and every other nation on Earth. The Pentagon should be forced to work within its budget without any overruns allowed.
Pass the "American Royalty Prevention Tax" to raise the estate tax for the super wealthy. Estates consisting of non-family owned business assets in excess of $10M should be taxed at no less than 30%. Those in excess of $100M should be taxed at no less than 50%. Those in excess of $1B at no less than 75%.
Corporate taxes need to be calculated on additional bases which would prevent large companies from paying zero US income taxes. When income taxes are zero, charge a tax based on small percentage of US assets or a tax based on a small percentage of US sales, whichever method is larger. That way a large corporation, such as GE, would be forced to pay US taxes even if accounting "US income" was zero.
A Common Sense Housing Investment Act would realign the mortgage interest deduction to better benefit families who need it most by converting the deduction to a 15% flat rate tax credit on mortgages up to $500,000. The bill strengthens the tax benefits for homeowners, while giving working families better access to rental homes.