First- We must repeal the $50,000 tax break that helps American companies’ ship jobs overseas.
Second- We must repeal the Bank Moderation Act of 2000.
This is the law that allowed the federally insured banks to become investment banks and start using the stock market as a casino. This a prime cause of the financial crisis and the reason that we are having so much trouble getting out of this economic hole. And since the banks can make money playing the market, using their insured deposits as leverage, they have no reason to make money the old fashion way by lending it to us.
Third- Make the estate tax real and at a 60% level of all wealth over 25 million. This will include trust funds and have them be part of the estate. Also make it illegal to try to get around this law. We don’t need the rich buying our congress and if you can’t get by without working on your cut of 25 million you should not have more money. We will call this the Paris Hilton tax.
Fourth- Get rid of special tax rates on capital gains and investments. We are told these are necessary because of the “risk” involved, but a search of information shows not one death from “investing” but thousands every year from people working. Also no deductions for any income over 1 million. If you try to hide income the penalty is to be 1) the hidden income 2) the tax owed on the income and 3) all penalties.
Fifth- Freddie and Fanny are broke and bankrupt. End the fiction that they are not and make them a government agency again, the “investors” lose but that’s the way capitalism goes. The “new” agency will do the same thing but will be run by accountants using actuary tables not people trying to make money at all costs.
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