2017 Aug 23^rd                                         

Yesterday I made the point that in spite of our problems with taxes some of our citizens have accumulated enormous wealth; the top American fortunes range from 55 to 81 billion dollars. Keep in mind that a billion is a thousand million, so 55 billion is 55 thousand million dollars, an unimaginable sum to most of us. This wealth has been accumulated under our, presumably, burdensome system of taxation. I maintain that we are far from over taxed; we are, howeverunevenly taxed. Few would debate that thesis.

I suggest a wealth tax be established; this would not affect anyone with less than five million dollars in assets. It would not impact the great majority of Americans. The tax would be graduated beginning with a 1 percent assessment on one’s net worth between five and fifteen million dollars. A net worth of a billion dollars would incur a tax of 5 percent, the top rate. The fine details remain to be worked out. The problem will be to get the principle accepted. Naturally there will be a huge protest against this government confiscation of wealth. Of course there will be just as there was after the introduction of the income tax. That tax required the passing of the 16th amendment to the constitution.

This new tax will produce enough money to spark a debate over just how to use it. After WW 2 we had an educational spurt in this country produced by the GI Bill. There is still a Gi Bill out there but why not make its benefits universal? Why not let it apply to all citizens? We are one of the few civilized nations that does not provide free education to all qualified citizens. That should change.

Let’s be clear; I don’t actually expect any of this to happen but a guarantee that it will not is to never propose it in the first place.