Posts Tagged ‘economics’

A Principled Solution for the Deficit and Recession

November 22, 2010

Guiding Principle:  Those who caused and profited from the deficit and the recession should pay back the money they’ve taken from the American people.

Four Revenue Solutions:

1)    Raise the highest bracket income tax back where it was before Reaganomics trickled down on the rest of us

2)    Raise the capital gains tax on speculative investment income.  Tax earnings from speculation at least as high as earnings from labor.

3)    Keep the inheritance tax

4)    Raise the cap on income subject to Social Security withholding

Four Spending Solutions:

1)    Cut defense spending, especially contracts

2)    Cut subsidies for big oil and unnecessary farm subsidies

3)    Establish a public plan option in health insurance to lower health care costs

4)    Invest in jobs (now!) to grow the economy by adding taxpayers