Cumberland Times-News

Opinion

January 20, 2013

There’s no reason these people shouldn’t pay higher taxes

“Our” Treasury secretary has the constitutional power to mint one platinum coin worth $1 trillion and put into “our” Federal Reserve.

There are other revenue sources that’ll absolve “our” budget deficit.

There should be more tax brackets at the top and higher rates in each of those brackets. Unfairly, the top bracket is now set at $388,350 with a tax rate of 35 percent; the second-highest bracket, at 33 percent, starts at $178,650 for individuals.

It’s unfair that the 400 richest Americans should pay an average of 17 percent tax on their incomes, a rate lower than that dutifully paid by most of us middle classers. That’s because so much of the income of the super-rich is considered capital gains, now taxed at a Romney low of 15 percent.

As you know, canceling the Bush tax cuts returns the capital gains rate to 20 percent and the top rate on income and dividends to 39.6 percent.

Sixty years ago Americans earning over $1 million in today’s dollars paid 55.2 percent in income taxes. If they were fairly taxed at that rate now, they’d collectively pay $80-plus billion annually which would reduce “our” budget deficit by about $1 trillion over the next 10 years.

Put a fair 2 percent surtax on the wealth of the richest 1/2 of 1 percent, each with over $7.2 million of assets. This would generate $70 billion annually. Put 1/2 of 1 percent tax on all financial transactions. This would save more than $300 billion annually.

We have close to 1,000 military bases around the globe. Not, cheap! Gut subsidies to profit-drowning monopolies. Resurrect Glass-Steagall. There is no fair reason that Wall Street bankers should be permitted to use “our” deposits, insured by “our” federal government, to place risky bets for exorbitant personal gain.

The entire financial system has turned into a Ponzi-like scam that’s enabled those very same banks to crater the global economy to write off their losses from their toxic deals, further depriving much-needed revenues which could’ve helped homeowners and small businesses.

We should either confiscate their ill-begotten largesse or fine them with jail time.

So, why is the gap between rich and poor greater in the United States than in any other developed country, and why, in “our” country, are those who are driven by personal greed and narrow self-interest empowered over those who extol social values like kindness, generosity, compassion, sharing, empathy, and community building?

“Our” plutocratic idiot-pawns write tax laws.

Bill Arnold

Romney, W.Va.

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