Forum Post: Luxury Tax Pledge

All Candidates for Federal office, and currently elected members, should sign this Pledge. "I pledge to support and bring the following action: All persons who make more than a million dollars per year shall pay a Luxury Tax of 50% of their income from any source or combination of sources (salary, bonus, stock option, dividend, etc. from U.S. and worldwide sources). All persons who make $250,000 - $999,999 per year shall pay a Luxury Tax of 25% of their income. All persons who make $100,000 - $249,999 per year shall pay a Luxury Tax of 10% of their income. Since Corporations are legally people, too, they shall pay a 50% Luxury Tax on all profits over $5,000,000 per year, or demonstrate that at least 50% of their profits are spent on projects and jobs in the U.S. For the purposes of this Pledge, Corporations are defined as any business entity with offices in the U.S. or which buys or sells anything to or within the U.S., particularly those which transfer any dollars or goods off-shore. I will work for the enaction of legislation of Luxury Tax which will continue until the Federal defict is paid off, and which can be re-imposed each year following a budget deficit."

RATIONALE: Persons who make large incomes live comfortably and they could live about as comfortably on half, three quarters, or 90% of their current income; thus insuring the economic viability of the country which provides their lifestyle as it is.