WELCOME TO TAX THE RICH!
Where We the People tell the Fat Cats to pay their fair share.

Recipe for National Economic Health:
Increase Revenues:
    1. Tax the Rich (over $250,000 income).
    2. Eliminate corporate loopholes.
    3. Tax capital gains as income.
    4. Eliminate the cap on Social Security taxable income.
    5. Reinstate the Estate Tax (over $1,000,000 value).
    6. Collect a securities exchange tax (.05-.1%)
Cut Spending:
    1. End the Wars.
    2. Cut the remaining Military Budget by at least 30%.
    3. Establish Single-Payer, Medicare-for-All Health Care.
Spend Wisely:
    1. Maintain government programs that help people with housing, food, health and education.
    2. Invest in job creation by initiating federal infrastructure  projects and supporting small businesses.


What is causing the deficit?

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How to end the budget deficit:

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Current tax rates for the wealthiest are below rates under Nixon or Reagan.

Don't cut programs that help people.


Tax the Rich!

Lower the tax rates on incomes under $250,000.
Raise the tax rates on incomes over $250,000.
Eliminate corporate loopholes,
End the wars.


Presto! No budget deficits! No cuts to essential services!
Tax the Rich + Close Loopholes + End the Wars = Budget Fixed.


Why should we Tax the Rich,
and is it really fair?

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Income gap is higher than at any time since 1028.

Why Tax the Rich?

1) They profit from their greater use of public infrastructure (guaranteed economic security, transportation, communications, and protection of access to cheap labor and resources through colonialism and war).
2) We need to prevent the concentration of wealth and power at the top.
3) We need to create a more equal and healthier society.
4) They can afford it.
5) There are more of us than there are of them.


Remember: fewer than 2% of Americans have income over $250,000.

What should the marginal tax rates be?

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Robert Reich, Secretary of Labor under Clinton, has suggested the following marginal tax rates:

(Marginal tax rates mean that income is taxed at different rates, with the higher rate only applying to income over the marginal amount, so if you earn $260,000, your first $30,000 would not be taxed, your income from $30,000 to $50,000 would be taxed at 5%, your income from $50,000 to  $100,000 at 10%, and so on, until your last increment, the $10,000 from $250,000 to $260,000 would be taxed at 40%)



  • Suggested tax brackets: (Adapted from Robert Reich)

    Under $20,000 income: no payroll tax, no income tax
    Under $30,000: no income tax
    $30,000 to $50,000: 5 percent
    $50,000 to $90,000 of income,10 percent;
    $90,000 to $150,000, 20 percent;
    $150,000 to $250,000, 30 percent.
    $250,000 to $500,000, to 40 percent;
    $500,000 to $5 million, to 50 percent;
    over $5,000,000, 60 (70?) percent.
  • Tax capital gains the same as ordinary income.
  • Reinstate the Estate Tax on values over $1,000,000.
  • Eliminate the cap on Social Security tax.
  • Eliminate corporate loopholes.
  • Collect a Securities Exchange Transaction Tax (.05-.1%)

  • Tax revenues will increase by hundreds of billions.
  • We will no longer have a budget deficit.
  • Basic programs that help people with food, housing, health care and education will be maintained.

Visit Tax the Rich on Facebook.

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Tell me, why oh why do we have a deficit?
This short video answers the question

Related Websites and News Sources:
Stanford Center for the Study of Poverty and Inequality

Citizens for Tax Justice

Institute on Taxation and Economic Policy

US Uncut

The Other 98%

Common Dreams


Recent Links:

Bernie Sanders
5/25/11 "Here's the Kicker"

5/2/11 Speech at the CA Democratic Convention

4/29/11 - Extended
interview on the Daily Show

Robert Reich
6/3/11 - Back Toward Double Dip

6/2/11 - Ending the Military-Industrial-Congressional Complex

The Truth about the American Economy
5/31/11 Part I
6/1/11 - Part II

4/26/11 - Connecting the Dots

4/4/11 - Why We Must Raise Taxes on the Rich

Dean Baker
Deficit Fever - The People's Budget media blackout.

Paul Krugman
4/24/11 - Let's Take a Hike (on the People's Budget)

FAIR on The People's Budget and the media blackout

The Congressional Progressive Caucus
The People's Budget
Full Text (PDF)

Misc.
20 Charts on Inequality and Poverty

2007 Study on U.S. History of Progressive Taxation