WE THE PEOPLE WANT EQUALITY, JUSTICE AND FAIR AND EQUAL TAXES FOR ALL!!!!!

Chris Hayes writes: The moral and spiritual damage that extreme inequality has wrought on even those who presided over and dominated by the Capitalism system. But there are actual cognitive, organizational, and social costs to such systems as well. The slave economy of the antebellum South conferred massive material gains on a very small number of extremely wealthy white plantation owners. But it also severely stunted the development of the region. It is the same system that the 1.0% would like to return the United States of America to.
Extreme inequality of the particular kind that we have produces its own particular kind of elite pathology: it makes elites less accountable, more prone to corruption and self-dealing, more status-obsessed and less empathic, more blinkered and removed from informational feedback crucial to effective decision making. For this reason, extreme inequality produces elites that are less competent and more corrupt than a more egalitarian social order would. This is the fundamental paradoxical outcome that several decades of failed meritocratic production have revealed: As American society grows more elitist, it produces a lesser caliber of elites.

Thomas Paine urged that everything "beyond what a man's own hands produce" was a gift that came to him simply by living in society, and hence, "he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came."
Here are the facts. Data from Edward Wolff confirms that from 1983 to 2007 the percentages of net worth and financial wealth for the top 1% remained steady. But the percentages for the rest of the richest 5% increased by almost 20%, while the percentages for the lowest 80% of the population DECREASED by almost 20%.
These issues are difficult to address with Congress largely on the side of the wealthy. At the very least congress should:

(1) Eliminate the tax break on unearned income (capital gains). The richest Americans, who own most of the stocks, should not pay a smaller tax than everyone else.
(2) Implement a small financial transactions tax for stocks. It would be easy to administer on computer trades, it would generate hundreds of billions of dollars in revenue, and it would help guard against the reckless speculation that devastated the financial markets and our country.
In case you haven't heard: Freedom isn't free. Just ask the rich Republicans who seem to think it's fair that Millionaires and Billionaires get big tax breaks not available to middle class working families. After all, "Earned Income" is for losers; winners have "Capital Gains" to keep them warm. And so what if losers pay a higher rate of tax than winners. Somebody has to pay for all that freedom they…uh, I mean we…enjoy.
First, I will say that any Income Tax Reform that continues to allow for EXCEPTIONS, EXEMTIONS, and DEDUCTIONS will never be Fair and Equal to all. Far Too many loopholes exist through which the Top 1.0% of American Tax-Payers the “Rich and Powerful” Individuals and Corporations, Companies, Institutions and Organizations squeeze through and pay NO TAXES. Even if we made the INCOME TAX RATE on every individual who made over one million dollars to be 99%, with the use of the Exceptions, Exemptions and Deductions [that Congress would create] they would not pay any taxes.
The Entire Income Tax Code MUST be Repealed and Replaced. By the elimination of ALL the EXCEPTIONS, EXEMPTIONS, and DEDUCTIONS and by making every source of Income [Wages, Bonuses, Benefits, Interest Earnings, dividends and capital gains and any other Earnings or Gains] be subject to the same Tax Code and Rate no matter How it was earned, Where it was earned, or What it was earned from.
HERE is an Income Tax Code that is based upon Fairness and Equality, and the ability to pay, just like everything else in life. PLEASE note that the implementation of this Tax Code would significantly reduce the size of the IRS, reduce the amount of time to prepare your Taxes, and sorry to say it, but it gets rid of the need for Tax Preparation Companies.
The official numbers for people in Poverty or what is Poverty Income level don’t tell the full story. The situation of the poor is actually considerably worse than the Government reports. The official poverty line is calculated as simply three times the minimal food budget first introduced in 1959, and then adjusted for inflation in food costs. In other words, the American poverty threshold takes no account of the cost of housing or fuel or transportation or health-care costs, all of which are rising more rapidly than the cost of basic foods. So the poverty measure grossly understates the real cost of subsistence.

Existing Poverty Income Taxes:
[1.0] Income earned from $.01 to $13,537.00 for a family of one would pay Zero Tax Rate.
[2.0] Income earned from $.01 to $23,689.00 for a family of two would be Zero Tax Rate.
[3.0] Income earned from $.01 to $30,478.00 for a family of three would be Zero Tax Rate.
[4.0] Income earned from $.01 to $37,267.00 for a family of four would be Zero Tax Rate.
[5.0] Income earned from $.01 to $44,056.00 for a family of five would be Zero Tax Rate.
[6.0] Income earned from $.01 to $50,845.00 for a family of six would be Zero Tax Rate.
[7.0] Income earned from $.01 to $57,634.00 for a family of seven would be Zero Tax Rate.
[8.0] Income earned from $.01 to $64,423.00 for a family of eight would be Zero Tax rate.

For those who are not in the Poverty Income Level the Tax Rates would be as follows:
[9.0] Income earned from $13,537.00 to $100,000.00 would pay a 15.0% Tax Rate. PLUS.
[10.0] Income earned from $100,000.01 to $500,000.00 would pay 17.5% Tax Rate. PLUS.
[11.0] Income earned from $500,000.01 to $1,000,000.00 would pay 20.0%Tax Rate. PLUS.
[12.0] Income earned from $1,000,000.01 to $50,000,000.00 would pay 25.0% Tax Rate. PLUS.
[13.0] Income earned from $50,000,000.01 to $1,000,000,000.00 would pay 30.0% Tax Rate. PLUS.
[14.0] Income earned from $1,000,000,000.01 and up would pay 35.0% Tax Rate.

I would also create a Financial Transaction Fee of $ .25 on each and every Stock Transaction, to generate from $2 to $3 Trillion in Revenue to “Reduce the Deficit and to Invest in our future, our Infrastructure and our middle class.”
U.S. Corporate Income Taxes that were actually paid (the effective rate) fell to a 40 year low of 12.1 percent in fiscal year 2011, despite corporate profits rebounding to their Pre-Great Recession heights. The United States of America, both taxes its Corporations less and raises less in revenue from corporate taxes than its foreign competitors.
Therefore; under my Corporate Tax Rate Corporations would pay 15.0% Income Tax Rate with NO Exceptions, No Exemptions and the NO Deductions. Or they can pay the same Tax Rates as an Individual, seeing as the Supreme Court has ruled they have the same Right to Freedom of Speech, therefore they should have the same Right to pay the same Income Tax Rates. Corporations should not make Business decisions based upon the Income Tax Loop-holes, they should be based on what is the best thing for the Corporation, Employees and the Investors. The top 500 Corporations, Companies, Institutions and Organizations within the Fortune 500, Pay No Taxes today. This Income Tax Plan would ensure that all Corporations, Companies, Institutions or for Profit Organizations that earned a Profit would PAY TAXES.

If Congress wants to provide an incentive to Corporations, Companies, Institutions or Organizations, Congress can do so by creating a Specific Tax Credit for A Specific Corporation or Company, with specified amounts and for specified time limits.

Think about this one simple thing, if we make all forms of Income, no matter how earned, be TAXED at the same Rate we would be doubling the Taxes on the Rich and Powerful.

B.S. It taxes what hasn't been taxed, i.e., unrealized capital gains.

I'm with you all the way. Most people are too busy just getting by to pay attention to politics, but that has to change now. We have to get the 99% to scream that the 1% are Buying our politicians and our Government. We have to demand that Congress change the Tax Code to what we had in the 30's, 40's, 50's, 60's, 70's, and early 80's. For instance in 1938 we had 33 tax brackets from 4% which covered over 1/2 of the population, to 79% for income over $79Million. Today they have put so much burden on the poor and middle class, that we only have 6 tax brackets, that only extend to the upper middle class at $380,000. 6 Brackets is not enough, and stopping the top marginal rate at $380,000. is an insult to the working man. This Tax Code doesn't even reach into the rich income bracket. There are millions of people that earn way over $380,000. The Tax Code has to reach into the rich income brackets by having 10 or 20 more Brackets. Tax brackets should tax the incomes of over $1Million, $2Million, $3Million, $4Million, $5Million, $6Million, $7Million, $8Million, $9Million, $10Million, $11Million, $12Million, $13Million, $14Million, $15Million, $16Million, $17Million, $18Million, $19Million, & $20Million. This is a simple fix to the country's biggest problem. And it's also "Fair and Balanced".