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An Easy Solution to Class Warfare in America

Many Americans are disgruntled with high unemployment rates, public debt, entitlement programs that are in jeopardy, and a great many other things. The knee jerk reaction, at least on the democratic side, is to call for higher taxes on the rich. As a die hard capitalist, and a rational economist, it is very hard to support the notion that a slight increase in the tax rate of the richest Americans will solve our problems. Not only will a tax hike on job creators stifle the economy and lead to a higher unemployment rate, but it will also encourage wealthy Americans to expatriate. Besides, a few extra percentage point tax increase will not come anywhere close to solving the $15 trillion debt crisis, $100 trillion in unfunded liabilities, high personal debt load, and large deficit. What we need is a real solution to the problem, and a fair one at that. Coincidentally, the two are one in the same this time.

Instead of raising taxes on the 1%, many of whom make under a million a year and create lots of jobs, America should issue a one time 50% tax on all bankers, politicians, AIPAC members, war profiteers, and media owners with a net worth of $50 million or more. Rather than randomly taxing people who produce for the economy, tax the perpetrators of our financial woes, and the ones that can afford it the most. Call it a Bailout Refund. Tax the media owners and the 100,000 members of AIPAC who lobbied for the Iraq War, and those lobbying for a war in Iran now. Tax Halliburton and the other war profiteers who bleed the American people dry with their bloated military contracts. Tax the Federal Reserve members and the bankers who profited from the bailout.

To read more: http://thebilzerianreport.com/?p=413

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