Tax The Rich
by Lee S Gliddon Jr
We have heard Obama all but screaming, "tax the rich...' This is his mantra and his claimed goal.
What if we took away his argument? What if we proposed, in Congress, not only a plan to tax the rich, but to slam shut the loopholes utilized by those earning incomes above the $250,000.00 level that Obama had\s proposed?
The GOP sets forth the argument that, 'raising taxes on those earning an excess of $250,000.00 would stop small businesses and the earners that create the goods needed by everyone.'
With these thoughts in mind I ask that you consider this plan and, if you want, add ideas of your own for all to consider.
Plan 1. Tax the Rich: Set a tax rate that is imposed on people earning an excess of $250,000.00 that do not WORK for their income. WORK is to be identified as 'gainful employment that is attended on a regularly scheduled basis the is productive and requires no less that 30 hours weekly.
Those persons identified as, 'Idle Rich,' would be expected to pay no less that 50% of any income above the $250,000.00 level with allowable tax deductions not to exceed $250,000.00.
Those persons earning $250,000.00 or less will have their taxable deductions remain as they were in the year of 2012.
Those persons earning $250,000.00 or more as the result of investments made prior to cessation of employment and made possible by such employment shall be allowed a tax deduction of $500,000.00.
Plan 2. Allowable Deductions: Persons earning an income of $250,000.00 or less shall be taxed at 2012 levels. All deductions would remain at existing levels.
Individual Persons earning $250,000.00 or more shall have allowable deductions of:
Individuals: Employers not incorporated: $250,000.00 after allowable salary payment, all related employment expenses (advertising, insurance, vehicles, business space rental/purchase). Those taxes would be at the current existing rates,
Corporations: Business employers employing 2 -200 persons would be taxed that the rate as those Employers not incorporated with all allowable deductions being the same.
Those Corporations employing in excess of 200 persons would be allowed deductions of Individual Employers/Corporations with 2-200 employees, but would be allowed additional deductions for Legal/Accounting services and Executive Salaries.
Note: Executive salaries would be seen as an individual earning $250,000.00 less/more.
The ideas are far from perfect and surely not all encompassing. However, I feel the ideas set forth are worthy of thought and a basis for discussion.
May I have your thoughts?