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Thursday, 26 October 2006 |
Americans workers
need to keep more of their income. U.S. families struggle to make
ends meet. Personal debt is the highest it has been since World
War II. The cost of living – energy, housing, education, food –
is rising in every sector. The United States needs to tax workers
less and investors more. I advocate that the first $100,000 of income
be federal income tax free. That is a 22% raise for Americans earning
less than $100,000, which is 90 percent of Americans.
To
replace the income lost to the U.S. Treasury, there should be a
modified Tobin Tax, named after Charles Tobin, the Nobel
Prize-winning Yale economist, on the purchase of Wall Street
investments. This tiny tax of 1/10th of 1% – a 0.1% micro-tax on
the purchase of stocks, bonds, currency and derivatives – would
raise more than $1.2 trillion annually, which is more than triple the
amount raised by taxing the first $100,000 of income. With this
additional money the United States can reduce its debt and provide
for the basic necessities of the American people, e.g. health care
for all, free college education, rebuilding of the U.S.
infrastructure, and transformation to a sustainable, clean-energy
economy.
For more see: Tax
Plan
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