Posted 5 years ago on Nov. 30, 2011, 10:43 a.m. EST by stewbee
This content is user submitted and not an official statement
There are countless ways in which inequity has infiltrated our system, but here are two things that could be accomplished that would make a huge difference: The first is is in the tax code. We have a progressive tax system, which means if you earn more, you pay a larger percentage of taxes. It may not be perfect as is, but has an essence of fairness to it. The problem is in the capital gains tax. It is a flat tax, at 20%. It should be progressive as well. In the first place, the idea that unearned income can be taxed at a lower rate than earned income rewards laziness. I am okay with a heart surgeon getting paid the big bucks, but not okay with the couch bound day trader getting taxed at a lower rate than that surgeon. If you are in the 35% tax bracket, your capital gains should be taxed at 35%, and if you actually don't work and only have capital gains, it should be taxed progressively as well: 15, 25, 35 percent just like the tax code. This is how the uber-wealthy manage to not pay there fair share, because they take their money from others in money trades, not work.
The second would be to work towards a constitutional ban on treating corporations as people. This is a work around to the Supreme Court's Citizens United decision, and many other loopholes that corporations use to avoid regulations and paying their fair share.
Both of these goals are practical and would make a huge difference in re-balancing our system, without throwing it out. They are also probably more attainable (for now) than public funding of political campaigns, which would also make our system more honest.