Tax the Wealthy, Stop the Mint

08/20/2011 11:17 AM

NOTES FROM THE OLD NOANK JAIL

Twelve members of Congress will take on the job of rearranging our country’s finances and are instructed to reduce the deficit by $1.5 trillion. They must achieve more than that. Americans are losing faith in Congress to deal with fiscal problems. Immediate action can reduce that doubt. The twelve should also turn to the revenue issue and leave rates for the majority of US taxpayers unchanged.

For those American taxpaying citizens with income of more than $1 million annually, raise the rates immediately on taxable income in excess of that $1 million including dividends and/or capital gains. For those who make $5 million or more annually, as above, add an additional tax rate.

The very wealthy have been too well treated by Congress in recent years and they now need to share in the re-building of America’s economy which has treated them so well. If our existing representatives in Congress cannot (or will not) enforce this type of action, they need to be voted out of office as soon as possible.

In addition, back in 2005, Congress authorized the Presidential Memorial $1.00 Coin project which has now been minted far in excess of demand. This project costs the American taxpayers $600,000 daily and is still proceeding, with transportation and excess storage costs that will exceed $3 million. Congress made this mistake in judgement and needs to correct it now.