Organizing for America | Tyler Folsom's Blog: Bail-out

Bail-out

By Tyler Folsom - Sep 30th, 2008 at 8:34 pm EDT

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The administration's 3 page blank check bail-out bill morphed into a 451 page bill with lots of unrelated stuff. A modification to the tax code should have been included. Neither the Democrats nor Republicans will go for it, but here is a modest proposal:
- The grand total of all deductions, exclusions or any other loop-holes cannot exceed 50% of your gross income.
- All income between $500,000 and $1,000,000 is taxed 70%; all income over $1M is in the 90% bracket.
- Capital gains are taxed at 28% below $500,000, 50% for $500K to $1M, 70% $1M to $2M and 90% over $2M.
- These rates apply to everyone. After all, it is people in these brackets who care most about the financial system. If companies feel the need to pay their CEO's $200M, most of that money goes to the Treasury.

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By Scott Rose Oct 2nd 2008 at 7:23 am EDT (Updated Oct 2nd 2008 at 7:23 am EDT)

... the senate votes a bill with $110B of new tax cuts. Perhaps the fairies will descend to pay for those, the bailout, and the existing debt.

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