Occupy Wall Street

I’ve been Demonstrating … yesterday told a reporter with the Huffington Post “I’m here because tax policy is unfair and energy policy is foolish and short sighted.”

The real demand is for economic democracy. Political democracy is meaningless in the face of a non-democratic economy.

President Obama was a community organizer and professor of Constitutional Law – not an economist or an environmentalist. His biggest mistakes, I think, were hiring Geithner, Sommers, Bernake – men from Wall Street – and Stephen “Clean Coal” Chu, rather than economists like Krugman, Stiglitz, Costanza, Daly, and energy people like Lovins and McKibben. (Yes he hired Van Jones, but Jones is history.)

The “Extended Text” appears on Page 1 of a handout I have been distributing. I also sent it to Pres. Obama, Rep. Holt, and Senators Menendez and Lautenberg.

Occupy Wall Street – Demands

1.  Reinstate Glass Steagel, with stronger protections for people. Separate investment banking and commercial banking. To protect the privacy, financial integrity and intellectual property of American citizens, all customer service roles in which bank accounts, credit card accounts, and other financial information is visible must be subject to American law enforcement agencies and American Courts.

2.  Reverse Citizens United. As established in the 13th Amendment, people can’t own people, therefore corporations, which people may own, are not people.  The people who work in corporations have the right to free speech, assembly, protection from unreasonable search and seizure, and other protections as guaranteed by the Constitution. The corporations themselves, however, being nothing more than a dynamic set of contracts, have no such rights.

3.  Democracy not Aristocracy. 1 – Take the money out of politics. Eliminate campaign contributions above $2000.00 from individuals and all campaign contributions from corporations, political action committees, unions, etc.  Fund campaigns with tax revenues. Require broad-cast television and radio and cable news networks to provide equal time to all candidates.  

4.  Democracy not Aristocracy. 2 – Service ought not be a path to wealth. Close the Revolving Doors between government and business. Our gvernment is of the people, by the people, and for the people, not for the politicians and their friends. People should aspire to hold elective office out of desire to help the citizens, not a desire to get rich or help their friends. Enforce a 4-year ban on moving from an elected or appointed role in federal, state, and local government to lobbying in any jurisdiction or working as a news commentator on television, radio, and cable news networks. Require all candidates for elected office, elected and appointed office holders to identify their income and assets, and divest themselves of holdings worth more than $1.0 million or place such holdings in a blind trust.

5.  Clean & Green Within 18. Develop and implement plans to shift, within 18 years, from fuel and waste based energy systems, such as coal, oil, methane, and nuclear power to 100% process based systems, wind, water, solar, geothermal, biofuel, and efficiency.  Fund this shift via taxes on the fuel and waste based systems and the progressive income tax as detailed below.

6.  Strengthen the EPA. Like the FBI, ATF, and other Federal law enforcement agencies, the EPA protects citizens.  The fox can not effectively guard the henhouse. As BP demonstrated in the aftermath of the Deepwater Horizon spill, corporations will act to protect shareholders NOT stakeholders. Therefore, local, state, and federal law enforcement and protective agencies, such as EPA, FBI, etc must act quickly and decisively in the event of accidental or natural disasters.

7.  Fair & Progressive Tax Policy. Reinstate a dramatic progressive tax code which taxes high incomes and wealth and spurs investment and well-being. People get rich by hard work, talent, luck, and by other people buying their products, or by inheriting wealth because an ancestor worked hard, was talented and lucky, and people bought his or her product. The wealthy should help the society that helped them. Tax revenues should fund law enforcement, national security, education, health care, elections, and the communications and transportation infrastructure, as detailed in the Income Tax section, below.

8.  A Healthy Economy Split up corporations that are “too big to fail” into corporations that are not.

9.  Medicare for All. Medicare to provide health care for all citizens, including the President, members of the Congress, the Judiciary, their families, and their staffs.

10.  Protect Domestic Industries and American Citizens. Products of foreign state supported industries, such as the Chinese photovoltaic solar module industry, are to be tariffed at the rate by which they are subsidized. Rather than gut union benefits, provide union benefits across the board.

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Comments (6)

  1. lfurman (Post author)

    TAX THE WEALTHY & EVERYONE ELSE

    We’re All In This Together

    IMPUESTO SOBRE LOS RICOS Y TODOS LOS DEMÁS

    Estamos todos juntos en esto

    מס העשירים וחאחרים

    אנחנו כולנו באותה סירה

    Reply
  2. lfurman (Post author)

    Taxes

    “Taxes are the price we pay for civilization.” – Oliver Wendell Holmes.

    Income Tax

    Reinstate Income Averaging. Allow Federal Income Tax liabilities over $10.0 Million ($10,000,000.00) can be spread over a 10 year period, with interest accruing at a rate of double the current rate of 10-year treasury bills, however this can only be done three times over a person’s lifetime, and no more frequently than once every 15 years.  

    All income can be summed over a period of four (4) years. So if someone makes $1.0 Million then takes three years off, or is out of work for three years and then earns $1.0 Million, he or she is taxed as if he or she earned $250,000 in each of the four years. If someone makes $100,000 over a four year period he or she is taxed as if he or she earned $25,000 in each of the four years.

    Wages, Salaries, and Tips

    1.  Over $10 Million: 52.5%. 7.5% Social Security & Medicare.

    2.  Between $5 Million and $10 Million: 42.5%. Plus 7.5% Social Security & Medicare.

    3.  Between $1 Million and $5 Million: 32.5%. Plus 7.5% Social Security & Medicare.

    4.  Between $100,000 and $1 Million: 22.5%. Plus 7.5% Social Security & Medicare.

    5.  Below $100,000: 17.5%. Plus 7.5% Social Security & Medicare.

    6.  Royalty income should be taxed at the same rates as wages and salary.

    7.  Income in the form of unsold stock options valued at or below $50,000 is tax-deferred and taxed when sold.

    8.  Income in the form of unsold stock options valued above $50,000 should be valued at a rate of 25% of it’s face value at the time of the distribution. It will be taxed at the appropriate Capital Gains rate when sold. It can be tax deferred if placed in a 401(K) or other qualified plan.

    Royalties and Capital Gains Taxes

    To spur investment by taxing capital gains in a manner that would stimulate savings and investment,

    1.  A 10% tax on the realized profits and a 4% tax on all losses on all trades of equities, securities, real estate.

    2.  A 40% tax on the gains of short sales, plus 4% sales tax,

    3.  A 40% tax on the gains from the sales of derivatives, plus 4% sales tax,

    4.  A 50% tax on gains from day trades, plus 4% sales tax,

    5.  A 40% income tax on very short term capital gains accruing from the sale of assets held for less than or equal to 7 calendar days, plus 4% sales tax,

    6.  A 30% income tax on short term capital gains greater than 7 days but less than 12 months, plus 4% sales tax,

    7.  A 20% income tax on long term capital gains of instruments held between 1 and 10 years, plus 3% sales tax,

    8.  A 10% income tax on very long term capital gains of instruments held for longer than 10 years, plus 2% sales tax,

    Inheritances, Windfalls, Lotteries, and Poker Winnings

    The first $1.0 Million of Inherited wealth from a grandparent, parent, partner, sibling, or child ought not be subject to tax in order to compensate for the loss. Such inheritances above $1.0 Million, and all other inheritances, windfalls, lottery and gambling winnings above $1.0 Million are taxed at the rates described above. However, they may be taxed in a lump sum or divided into 10 equal parts and taxed over 10 years.

    Energy

    Tax waste producing energy systems, such as coal, oil, methane, and nuclear power and use the money to clean up the wastes and build a fuel free energy infrastructure built on clean, renewables such as solar, wind, geothermal, hydro, and efficiency and non-fossil sources of fuel such as biofuel, waste, sewage, manure.

    Reply
  3. gary stein

    it’s called Single Payer.  Want results after the tent city’s come down?  Vote Stein for President.  I’ll harangue 800 folks in NJ and get on the ballot.  Thatll show em!!

    http://steinforpresident2012.com/

    Reply

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