Our rich people don’t need another tax break. No, they need higher taxes. And they should be vilified, too. That’s right: America should attack rich people. In fact, we must abolish wealth, which is a tremendous drag on our economy. It’s high time that we made the rich poor.
As for all the xenophobes who want to deport the illegal immigrants who toil in this economy, may I respectfully suggest that their generals (i.e., Lou Dobbs, Pat Buchanan, and Tom Tancredo) consider expanding their dragnet? Let’s deport rich people, too!
These rich people are bad for America. We don’t need their ingenuity, their entrepreneurship, or their capital investment. In the name of egalitarian socialism, the only thing we need from them is more tax dollars. We now tax their incomes as salary, corporate profits, dividends, capital gains, and at death. But we must do better.
Perhaps we can tax them when they contribute to charities, or the building of a new church or synagogue, or a symphony orchestra, or a small-town cultural center; or when they create another college; or when they finance private scholarships for inner-city educations.
But we can’t stop there. Let’s criminalize the entire class of successful American entrepreneurs. Let’s haul out the distributional tables from the Joint Tax Committee and the Congressional Budget Office and target all upper-end earners for special wealth taxes.
Maybe we can even impose jail sentences on rich people. No more interest income at all, just like the radical fundamentalist Muslims do it!
Here’s a thought: Let’s publish the names of all rich people in the newspapers and on the blog sites. Even better, when fat cats venture out in public, let’s swarm them like those animal-rights advocates who throw paint on women wearing mink coats.
Simply, we must strive to make America more like France and Germany -- those great income-leveling, income-redistribution states. But it’s gonna take some work. When I last checked the international tax tables, I found that the U.S. has the third highest estate-tax rate out of 50 countries. We should be ashamed. Only third? We tax estates at a 46 percent marginal rate, but Japan is the best at 70 percent, followed by South Korea at 50 percent. We are pikers. How can we dare let Japan be ahead of us on taxing rich people?
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 31st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 29th, 2014 | John Ransom