An Innovative Way to Handle Government Funding and Ensure the Prosperity of Our Society

In today's society, middle class families are paying more in taxes than major corporations. The tax system provides enormous benefits and advantages to the wealthy, leaving the middle class to bear the tax burden.

Mitchell Roth says, "It is not fair that families are paying more of their income in income tax than large corporations. It is a matter of wealth that matters, not income. The wealthy manage to control their wealth to manage income. In essence the wealthy should be paying the same percentage of their wealth as we do."

Roth's anger and frustration over the present tax system led him to develop a taxation strategy that can be a catalyst to improvements in today's society. The proposed tax plan would eliminate all taxes except taxes on wealth. All individuals and corporations would be taxed 2% annually on the wealth that they hold. This new plan would benefit society in five areas:

1. Fairness - The wealthy can afford lawyers and financial planners who manage their income. They control the amount of income reported for taxes, but wealth is not taken into consideration. The middle class cannot pay for financial planning, and as a result pay more in taxes than the wealthy. The wealthy would be required to pay the same percentage of their wealth as the lower income families.

2. Meritocracy - If we politically level the playing field, people will be assisted to rise or fall in life based upon their merit, rather than by accidents of birth or a rigged game benefitting the wealthy. This type of system would also benefit society by utilizing the natural gifts and talents of everyone. This ideal can be achieved by changing the tax system.

3. Moralities - In economic terms it means leveling the playing field for all citizens whether they are born in poverty or wealth. The overwhelming tax burden in this country and in every other country today is born by the middle class. They are struggling just to maintain, and are bitter about the struggle. This is a moral issue because people do not feel they have the resources to pay for what society needs through taxation.

4. Reduce the Costs of Government - Costs of all levels of government, federal, state and local, in this country in 2005 was 4.7 trillion dollars. A good deal of that cost was paid by government borrowing. Government figures do not focus on the wealth of citizens, only the income. In reality, there is 300 trillion dollars of wealth in this country. If 2% taxes were paid on that wealth, the government would be paid 6 trillion dollars in taxes every year, more than enough to pay all the costs of government without borrowing.

5. Assure Better Policy Decisions - Our representatives would be required to look at every program as one that had to paid for by tax revenue alone. If they couldn't justify the program as worth the cost, then it wouldn't be implemented. No more deficit spending would discourage the frivolous spending and bad policies of our legislators.

The cost of public financing for elections would be born by those with wealth, not through lobbyist and indirect contributions. Politicians would serve the public without fear of losing office because of inadequate campaign funds. Competition for votes would be on the basis of the ideas for the public good and not competition for contributions. Their effectiveness would depend upon their positions, rather than legalized bribery.

Changing the tax system along the lines outlined would improve the quality, character and wealth of society. It would reverse the effects of a system that favors wealth above all else, providing special powers and privileges to the wealthy at the expense of us all.

The fair tax premise would provide each generation a level playing field where everyone is counted. It would provide for excellence in public education, higher paid teachers, excellence in universal health care, and elimination of homelessness. It would be the beginning of realizing the ideals on which America was founded.

Seed Newsvine

Bookmark this article in your preferred program

Comments

Add Comment

Popular Articles in this cathegory

This article is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.