1) Pass the Fairness in Taxation Act, creating new tax brackets for millionaires and billionaires and setting a top income tax rate of 49% on persons making over $1 billion per year.
2) Tax capital gains at the same rates as regular income.
3) Close tax loopholes for companies that send jobs overseas.
4) Implement a social tariff scheme that taxes companies that outsource jobs, with higher rates for companies that use sweatshop labor and take advantage of poor environmental standards and lower rates for companies that at least provide livable wages and benefits in these other countries.
5) Implement a value added tax with exemptions for food, medication, clothing, housing, and education.
6) Implement a financial transactions tax.
7) Implement a tax on the size of banks to reduce the concentration of economic power in the hands of the financial sector.
End tax preferences for 401(k)s and IRAs and instead encourage Americans to utilize Social Security as their retirement program because it is both more efficient and more cost effective.
9) Abolish the cap on the Social Security payroll tax.
10) Stop taxing Social Security benefits. (AKA go back to the way things were pre-Reagan)
11) Abolish the corporate income tax on value added manufacturing in the United States.
12) Restore the Estate Tax to Clinton-era levels and implement it retroactively to make up lost revenue from the Bush years.
13) Use taxation as a means of phasing out inefficiency. Tax inefficient products and use the tax code to support efficient and productive enterprises.
That's all I have for now.
I like all your proposals, although with regard to the first, how do we ensure that the wealthiest pay their full share -and not hide their money out in Switzerland or the Cayman Islands?
