Both the Democrats and the Republicans have trotted out a tax plan. It is damn near identical savings for the lower 95% of Americans. The difference is in how much money the top 1% would save:
Personally, I would like to see them raise the cutoff line from $250,000 to $1,000,000. I would also like to see the very tippy top, the 400 billionaires hoarding cash at the top, go back to Eisenhower’s tax rate on the mega-rich … which was more than 90%. That means that people like the 6 members of the Walton family who are worth almost 70 BILLION dollars, would be left with a hair under $6 Billion after taxes. I know that only leaves them a billion dollars for each individual, but I think they can scrape by. The US treasury would then have $63 billion more in its coffers – just from those 6 people mind you — and could leave food stamps alone and extend unemployment, just for starters.
The 400 richest Americans are worth $1.37 TRILLION. That’s $1,370,000,000,000 when it’s all written out. If they paid 90% of that in taxes, it would put more than a trillion dollars into the US treasury. That would cover all the spending our government does to help the poor in a year more than 5X over.
Think about that.