Elwood strikes again, with a letter to the editor in the Democrat-Gazette this morning. It calls, ever so calmly, for an end to taxation on the richest people. It is the logical conclusion of Republican trickle-down tax policy. If low rates encourage investment, no tax at all should reap a bonanza. With elwood's kind permission, I quote from his letter:
It’s past time to replace penalties on profits with incentives. Reverse the graduated income tax so that those making under $200,000 pay the bulk of taxes. By the time a taxpayer achieves $1 million per year income, the tax rate would drop to near zero. At $5 million income, a year a taxpayer pays zero. Those earning $60,000 or less would pay the highest rates.
By incentivizing higher incomes, people will strive harder, work longer and pay attention to what it takes to get into upper-income levels. It’s possible many taxpayers would report higher incomes just to get into a lower tax bracket.
If Americans are for prosperity, then follow this path. A rising tide of prosperity will become a tsumami and flow down to help the crippled, blind and orphans.