Comment: Start by looking back over 90 years in our history to see why the 16th
Amendment to the Consitution was passed. The PRIMARY reason was wealth
redistribution. All other forms of taxes were found to be regressive
which was found to hurt the economy. Nobody was asked to pay any tax if
their income was less than TWICE the average income. The top bracket
started at $500,000 when the average income was $1000. In our nations
history, the top bracket has naver been lower than it is today (without
correcting for inflation).
If today's brackets were set with the same approach as was initially
used, nobody making less than $50,000 would pay income tax. There would
be at least 6 tax brackets with each bracket increasing by 5 to 10%. The
top bracket would start at about $10,000,000.
Wealth redistribution is needed now more than ever. Twenty five years
ago, top CEOs made as much in a month as middle class workers made in a
year. Today, top CEOs make much more in a month than middle class
workers make in a LIFETIME.
Tax increases on the rich in the early 90's by Bush and Clinton were
found to help the economy. They also were found to be an excellent
investment for the rich as the rich got much richer while the middle
class saw only modest improvements.
Thanks for the chance to speak out,
Palm Desert, Ca.