Tax The Wealth Of Joe Kennedy, Not Income Of Joe The Plumber
An excerpt of the editorial
"The PARE principle seeks to "level the playing field" between, say, oil king John D. Rockefeller and Joe the Plumber.
If Joe manages to make $350,000 in a year, he will not only be taxed at the present high federal rates but will also experience a surcharge that will amount to a total taxation (federal, state and local) of 50% or more.
The PARE principle calls for adjusting the principal of the great fortunes for rate equalization and equity by analyzing the annual accumulation of income underlying the wealth and taxing it at today's rates and further analyzing the transmission of that wealth and subjecting it to the present-day inheritance tax."
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