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Forum Post: Luxury Tax Pledge

Posted 2 years ago on Nov. 26, 2011, 2:05 p.m. EST by DrKentWilson (0)
This content is user submitted and not an official statement

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.



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[-] 2 points by nucleus (3291) 2 years ago

This sounds like another empty campaign slogan. It's like the bizarro alternate-universe Grover Norquist. "Elect me! Elect me! I'll fuck the rich!"

Better to restore sanity and responsibility to the tax code. From 1945-1963 the top tax bracket was over 90%. From 1964 to 1980 it was 70% or more. Not coincidentally, that was the most stable period of economic growth this country has ever experienced, and it resulted in the construction of a nation-wide infrastructure and huge thriving middle class.

[-] 2 points by Farleymowat (415) 2 years ago

Without budget cuts to go along with higher taxes, raising taxes would do nothing. Government can't help itself. It will spend more and more and more and more. It will never turn around spending. The "super committee" can't come up with cuts that will knockmoff 1.1 trillion over ten years! The rate of growth in spending is what they are really talking about; a trajectory of a 22 trillion deficit instead of a 23 billion deficit by 2021. It's a joke. My family lives on 2/3rds of the income of whatbwe had just 2 years ago. Why not our government? Minnesota shut the government down in July over a pissing contest of a budget raise of 7% vs.8%. Theese governments are psycho.

[-] 1 points by tommytwostep (5) 2 years ago

haha you got jokes

[-] 1 points by nycscientist (1) 2 years ago

Is this in addition to, or in lieu of the current tax code?

[-] 0 points by fuzzyp (302) 2 years ago

I thought there was already a thread about a profit cap somewhere around here.

Income taxes on businesses only inhibit economic growth and creation of jobs.

High income taxes on rich people only really ensures that they'll move to a place that has lower income taxes.

[-] -2 points by ciavlad (85) 2 years ago

We can not do anything with such people : For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, traitors, heady, highminded, lovers of pleasures more than lovers of God . This know also, that in the last days perilous times shall come.