Occupy Wall Street

Tax Policy (0.00 / 0)

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

Sustainability: Harnessing processes rather than consuming resources.

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by: lfurman @ Sat Oct 29, 2011 at 13:20:03 PM UTC

Tax Policy - Details (4.00 / 1)

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.

Sustainability: Harnessing processes rather than consuming resources.

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by: lfurman @ Sat Oct 29, 2011 at 13:24:52 PM UTC

The HVDC supergrid is missing (0.00 / 0)

Until storage systems can catch up with solar and wind, moving electricity from variable and intermittent renewable sources is problematical with any AC grid.

HVDC long distance transmission will give the US the ability to move Great lakes wind from Detroit to NYC, from Green Bay to LA. Or East Coast offshore wind to market like in the Atlantic Wind Connection.

Check out my 3 paragraph primer on Polywell Fusion.

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by: FogerRox @ Mon Oct 31, 2011 at 20:30:55 PM UTC

[ Parent ]

10 income tax brackets will be better (0.00 / 0)

I think 12 is a minimum - 15 does a much better job describing a geometric progression than 10.

I'm not proposing anything less that a 70% to rate for income. With tax breaks amounting to more than half if you invest incountry in US jobs, focusing on emerging tech and markets. This will keep effective tax rates where they have been for roughly 30 years. This would incentivize the flow of capital to domestic investment instead of overseas and speculation. Corporate taxes go back to at least 44% (52% was the high point in the early 1950's), with similar deductions as described above. While maintaining the current corp effective rate.

This would focus US capital back to US jobs, amounting to about 4-5% of GDP, The US used to spend 5% of GDP on infrastructure, now 2.4%.

The net effect is to see 10% of GDP go to jobs stim, like we used to From 1934 to 1980.

The 86 Tax reform Act was a major culprit in removing the deductions and exemptions that focused capital flow to the US.

Check out my 3 paragraph primer on Polywell Fusion.

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by: FogerRox @ Mon Oct 31, 2011 at 20:45:13 PM UTC

[ Parent ]

We used to have as many as 67 brackets. (0.00 / 0)

for income tax.

And why on earth are you touching FICA?

Check out my 3 paragraph primer on Polywell Fusion.

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by: FogerRox @ Mon Oct 31, 2011 at 20:46:28 PM UTC

[ Parent ]

#9 of your diary is mistitled. (0.00 / 0)

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/

"the black sheep can wear the golden fleece and hold a winning hand" Tim Hardin

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by: gary stein @ Fri Nov 04, 2011 at 00:31:33 AM UTC