Posted on 11/17/2012 4:56:15 PM PST by moneyrunner
Let's discuss raising us some revenue without hurting the little people.
With the re-election of Barack Obama, I feel compelled – in the spirit of coming together for the common good – to get on the tax raising bandwagon. Here’s my proposal .Let’s raise taxes to 50% on people making more than $1 million dollars a year. How much will that raise? Warren Buffer says that the top 400 earners in the US made $90 billion, so that means $45 billion to the treasury. Plus it will satisfy Chuck Schumer.
·Let’s have a 100% sales tax on the sale of movie tickets, CDs, videos and all other entertainment. These are purely luxury items and will not affect the ability of the poor to live. Movies tickets, CD rentals and DVD sales alone should raise $30 billion.
·Let’s have a 100% sales tax on newspapers and magazines. Circulation revenue for newspapers is $10 billion, let’s assume the same for magazines. That’s $20 billion in new revenue for the government. Reporters and editors have been calling for higher taxes and surely they would not mind doing their fair share.
·Let’s have a 100% sales tax on advertising in all media. Advertising is not only irritating but it is the way in which evil corporations get us to spend our money on frivolous and unnecessary goods and services. We should get about $100 billion just from the major networks and that isn’t counting newspaper and magazine advertising which could double that number to $200 billion.
·Let’s tax all foundations with assets over $100 million with a 10% tax of their assets each year. Some of the biggest foundations have been funding programs that increase taxes on the little people. Since they are in the business of philanthropy, they should welcome doing their fair share. And while we’re doing that, let’s limit the highest paid person working for the foundation to a salary of $75,000 annually. If they refuse to comply we’ll revoke their tax exemption. The hundred largest foundations have assets over $236 billion dollars, and that only includes those with assets over $600 million. Total foundation assets are about $500 billion. A 10% tax would produce nearly $50 billion per year.
·Let’s also tax endowments with assets over $100 million with a 10% tax on their assets each year. They, along with foundations, should welcome doing their fair share. The Yale endowment alone is worth over $16 billion dollars and what do they do with that? Not much that I can see. Does Yale need that money more than the people of the US? No! And while we’re doing that, let’s limit the highest paid person working for the foundation to a salary of $75,000 annually. If they refuse to comply we’ll revoke their tax exemption. Endowments total $250 billion; a 10% tax could raise $25 billion to help our government balance its budget.
·We should investigate the accounting practices of the movie industry. There is something seriously wrong with an industry that claims that Forrest Gump never made a profit. We don’t know how badly this industry has cheated the IRS, but let’s assume that $30 billion is a lowball number.
In keeping with President Obama’s position that we will do no “dynamic scoring,” we have already identified $400 billion in new revenue to help close the deficit gap while only raising taxes on 400 people! We have simply put in some much needed sales taxes and are asking those who have been most vocal about the need for everyone to do their fair share to come to the table. Surely no one could deny the reasonableness of these proposals.
Now, if anyone wants to tax the income of people like Bill Gates, Warren Buffett or the buffoon who suckered thousands of people to fill his pockets by taking Facebook public, people who already have all the money they could possibly spend in their lifetimes at, say 100%, you would hear no objection from me.
Well they HAVE taxed just about everything else. Generally, I am against new taxation of any kind, but in the interest of FAIRNESS.....
Someone please add up all the new revenues from these sources and tell us how long (minutes? hours? days?) it will fund government at current spending levels....
I love it! Is there’re a Pubbie in the House with the nuptials to put this on the table?
I say let’s go over the cliff. I will save the incremental amount of additional taxes I pay with savings to charity I always funded in the past and have decided to withhold. Let’s all share this burden together.
Quick math since a trillion is a 1000 billion and we spent 1.2 trillion last year 400 billion would be gone after 3 months.
“Yea!” for higher taxes.
It’s time rich liberals start paying their fair share. :)
You’re getting into the spirit. I passed an Obama voter ringing a bell for charity today. I wanted to tell him that Obama will take care of all the poor and he should just go home. I didn’t want to spoil his night.
Not sure, but I bet the DUmmies would go ballistic if these were implemented, LOL!
You could pass this along to your congresscritter.
I’ll see you, and raise you.
We moved from Virginia to Florida in the mid-1990’s. Florida did not have a state income tax at the time (still doesn’t) but, to raise revenue, there was this creation called an intangibles tax that was levied on all personal financial assets. Each year, you toted up the value of your cash, savings and checking accounts, stocks, mutual funds, bonds, and any other monetary instrument (retirement savings were exempted) and paid a percentage of that amount. While the percentage was low (around 1%-2%), it was odious nonetheless because it was a tax on wealth. The system was done away with a few years ago due to enforcement difficulties.
I propose imposing a similar assessment, but with a much higher percentage (say 25% annually), on dillweeds like Buffett and Gates. They don’t have much in the way of real income, so they can piously (and hypocritically) talk about raising income taxes on others. My guess is they’ll start singing a different tune once their wealth is targetted and they actually have some skin in the game.
You know... I see where we could compromise, excellent compromise proposal there. Someone should get this to the boneheads in Congress.
:p
If the GOP were smart they would give Obama his tax on the rich, but exempt small businesses and S corporations who file their business income on their personal returns. Obama will get his tax on the millionaires and billionaires but won’t be killing small businesses. That would catch Obama between and rock an a hard spot. However, I have little faith that the GOP court eunuchs will do nothing but give the Emperor what he wants.
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