A Tax System for the 99%

October 26, 2011


Ownership of household wealth in the U.S. in 2007
Source: Federal Reserve

The taxes we pay lay the foundation for a sound economy and for wealth creation. Tax revenue funds roads and railways, well-educated workers, courts, clean food and water, scientific research, and much more. We all benefit from these vital public systems and structures, which one person can not create alone.

A progressive tax system means that people and corporations who have a lot more income pay a lot higher tax rate than the 99% of people who have less income. Right now our federal tax system is only slightly progressive. The tax system became much less progressive after President Reagan changed it. The opposite—a regressive tax system—means that people who have less income pay a higher tax rate; this is how the tax system works in most states. Herman Cain’s 9-9-9 tax proposal is seriously regressive.

  • A truly progressive tax system would mean that we, the 99%, have enough money to fund the priorities we support: educating our youth, paying for health care, allowing seniors to retire with dignity.
  • A truly progressive tax system would mean that the typical person’s tax rate is a lot lower than a very wealthy person’s tax rate.
  • A truly progressive tax system would mean that investing in the stock market is not taxed less than working at a job.
  • A truly progressive tax system would slow the increase in the share of US income after taxes that goes to the 1 percent.
  • A truly progressive tax system would lessen the racial wealth divide.
  • A truly progressive tax system would mean that people with multi-millionaire parents could not inherit more tax-free than a typical worker earns and pays taxes on in a lifetime.
  • A truly progressive tax system would mean that corporations pay a bigger share of taxes. Giant corporations like Bank of America, Verizon, GE, and Exxon would no longer pay zero or shamefully low federal income taxes.
  • A truly progressive tax system would mean our country no longer goes into debt that is held by the same 1% of wealthy people who crashed the economy. It would mean the 99% are not paying increasing interest on the national debt.

How can you work for a truly progressive tax system? Find out here.

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Thank you for the true

Thank you for the true progressive view on tax policy.  We have to have a better distribution of wealth in our country to keep the economy working correctly.  The economic laws that are the structural backbone of the economy are not being followed.  I found in my case against Tyson (Terry vs. Tyson) the the federal courts are corrupt and not following the law.  It is a national disgrace.  We have to fix the problems here in the U.S. as well as working on the problems in the world.  We need the golden rule of doing unto others as you would have them do unto you instead of he who has the gold rules.  The wrong golden rule leads to economic disaster and the right one leads to prosperity. We need to change the current system of capitalism slavery.

Alton T. Terry

931-247-1684

Federal Taxes

Your numbers and % are in error....................households making 1 million and above will pay on average 29 % of their income in federal tax.....households between 50,000 and 75,000 will pay on average 15% of their income...while households making between 20,000 and 30,000 will pay approximately 6% of their income in federal tax.....and what about the estimated 46% estimated low income households who will pay no tax at all......how about if they kicked in a couple bucks a yr............................