©2011 by Fred Flaxman
Last month Democratic Representative Jan Schakowsky introduced a Fairness in Taxation Act, which seeks to establish new tax brackets for the wealthiest Americans. The highest bracket is now 35 percent for those making $379,150 or more a year. For most of President Reagan’s time in office, top earners were taxed at 50 percent.
Schakowsky says, “We can choose to cut education, job creation and healthcare, or we can choose to ask those who can contribute more to do so.”
I agree with her except for the word “ask” and the mild tax increases she asks of the super-rich. The word should be “compel,” as the rich are likely to fight any increase in their taxes. And Schakowsky’s bill would create a top bracket of 49 percent only for those earning $1 billion and up!
This is the kind of legislation I would expect of a liberal Republican, if there were still such a creature in Congress. Democrats should go for a Greed Tax with a top bracket of 100 percent for those raking in anything over $1 million a year. No one should need more than that to lead a good, healthy, happy, productive life. No one should earn more than that, and nowhere in our Bill of Rights does it say that anyone has the right to be so greedy.
When the top 400 households in the U.S. rake in more money than the bottom 60 percent combined, it is time for a much stronger Fairness in Taxation Act than Schakowsky has proposed.