Doubling tax rate of wealthiest would eliminate national debt
If we don’t do something about the deficit and the resulting perhaps inflationary money printing, the stock market and so on might crash to 20% of its current value for a decade or more.
If we double the tax rate for the wealthiest 20%, it will raise $1.5 trillion a year. This would eliminate the yearly deficit while providing enough revenue to eliminate the national debt within five years. The wealthiest 20% would still have 47% of their income leftover after taxes, and the full brunt of this would be for only half a decade, after which it would be only two-thirds of the increase, so they’d keep 7/8 of what they keep now and not even that if we balance the budget.
We should contact our elected officials. If we get different elected officials before this is done, we should contact the new elected officials.
Alex Sokolow | Submitted online