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America's federal budget deficit for fiscal year '09 was near 1.8 Trillion dollars. With an escalating war and diminished tax base due to unemployment FY '10 could push the 2 Trillion Dollar budget deficit threshhold.
For 1 year.
We'll hit 20 Trillion in debt in what, 5 years if we stay on this pace? Perhaps even sooner.
What if China runs out of money and stops lending to us? America is bleeding the worlds economy dry by our nation's continued borrowing.
Fiscal irresponsibility and runaway deficit spending are causing the devaluation of our dollar. Which by the way is hovering at near record all time lows. Our dollar is becoming more worthless.
Which is deepening our economic crisis. And that's exactly what our current economic situation is;
- AN EPIC CRISIS.
Trickle-down/Supply-Side Economics(SSE) has been an epic failure since Reagen's 1982 budget unleashed HELL on the working class that has left our nation in a state of a collapsing economy and a dieing middle class.
The most glaring effects of SSE
- its inability to balance America's federal annual budget.
- Tax cuts for the super-wealthy have shifted the burden of taxation to the middle class and working/unemployed poor.
- Tax cuts for the super-wealthy fueled explosive deficit growth.
- 95% of America's 12.5 Trillion dollar national debt has accumulated since Reagen's 1982 budget proving SSE's inability to fund our nation.
- Tax cuts for the super-wealthy have fueled the upward redistribution of wealth from the MC and poor to the wealthy few.
- result: 90% of all of America's vast wealth is owned by the wealthiest 15% of it's population.
- diminished earning and purchase power of the remaining 85% of us. How can an economy sustain when most of it's population is going broke?
When the super-wealthy hoard their wealth, they remove it from circulation and remove that wealth from our economy.
Meaning that most of America's wealth isn't circulating and is not working within our economy.
Meanwhile the super-wealthy sit on top of a mountain of wealth while our nation sits at the edge of fiscal collapse. Reforming our income tax code and raising taxes on the rich is a step in the right direction but only goes so far. Income taxes do little to address the hoarding of wealth.
It's time for a new tax on accumulation of super-wealth. As an example..
Levied annually, like the income tax.
Tax net worth annually on individuals worth 5 Million dollars or more. Taxed progressively in incremental brackets. Higher net worth moves into a higher bracket so that a person worth 5 million isn't hit so hard by this tax, but a billionaire would be. And rightfully so.
Net worth is determined through individual audits of wealthy people. Tough enforcement for any who evade these taxes or hide wealth.
Our Treasury is going broke. Our nation is going broke. Meanwhile, the wealthy sit on top of a mountain of super-wealth.
Poverty is exploding. The rich get richer. America goes deeper into debt.
The American economy works best when wealth is spread throughout its entire population rather than concentrated and hoarded by the wealthy few.
Taxing accumulated super-wealth could jump start our economy by funding New Deal level infrastructure rebuilding and improvement. Roads, highways, streets, water, sewer, electric power grid, cleaner power generation, cleaner energy, renewable energy, schools, public education, tuition assistance.
Taxing accumulated wealth could solve our deficit and debt crisis. It would address the growing wealth divide. The wealth divide, the gap between rich and poor is a national tragedy.
I want to add, may be meaningless but did you know..
In 2003, Bill Gates' father testified before congress on our governments need to tax accumulated super-wealth. Of course, that testimony fell on deaf ears.
What other alternative do we have? If you're opposed to this then give me your best idea as a an alternative.
Peace
UY
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