Comment Re: I don't get it. (Score 1) 362
They need to tax middle income more. That's where most of the money is. If you taxed 100% of income of the 1% you still wouldn't have enough. Realise that when you say tax rich people more, you are including yourself in that. When you're quite happy saying "tax me more" then we can go forward.
I wish more people understood the fact that while state and local governments are "revenue constrained," the federal government has no such constraint. The only fiscal priority the US should have at this point is to end the recession and recover. The federal government does not need to balance its books, and it does not have a long term solvency problem. The federal government can spend whatever it wants as long as inflation is stays within normal boundaries. Federal Tax policy and fiscal spending is the mechanism by which inflation can be increased or decreased. Today mainstreet needs more money. Payroll taxes is the first simple thing the government can do to boost the economy out of recession. There are absolutely zero downsides from doing this. While recovery takes places, inequality can be addressed with tax reform.
I'm saying this on a tech website because while most people who read this will think i'm crazy, I have faith that enough of you are open minded to actually understand the truth of how the US monetary system actually works.