Excellent! Please advise the incoming Biden administration.

The challenge of implementing a fair "wealth" tax is how one defines wealth. Some wealth is earned by producing goods and providing services. Even more wealth is derived from legal privileges that create rent-seeking opportunities. The most appropriate source of public revenue was identified by the political economists going back to Richard Cantillon, Adam Smith and Anne Robert Turgot; namely, the rent of land. The economics are fairly straightforward. Every parcel or tract of land has some potential annual rental value based on advantages provided by nature (e.g., sub-surface minerals to be exploited, fertility, forests to be harvested, access to a natural harbor or navigible river, etc), or societally-created advantages (e.g., quality of infrastructure and other public amenities). These rental values are not individually-created. Justice requires that they be collected to pay for democratically agreed upon public goods and services (with the possibility of a distribution annually as a form of citizens dividend). There are other rents created by competition-limited licenses (e.g, liquor licenses and taxi medallions) and for assets with an inelastic supply (e.g., take-off and landing slots at airports). All of these and other sources of rents should be colllected as the basis for public finance.

What about taxing income? Most people earn income as wages by working. Those who have managed to accumulate or inherit large amounts of financial assets derive income from passive investment and speculation. In one of the great logical inconsistencies we tax earned wages higher than gains on the sale of financial assets. We call such gains "capital gains" and accept the idea that a low rate of taxation stimulates investment in the real economy. In reality actual capital goods (i.e., buildings, machinery, technologies) depreciate in value over time (even when well-maintained). Thus, gains on the sale of assets should be included with all other income and taxed progressively so that most tax revenue comes from income derived from rent-seeking, passive investment and speculation. So, here's what we need as an income tax: (1) Exempt all individual income up to the national median; (2) Eliminate all other deductions and exemptions: (3) Impose an increasing rate of taxation on higher ranges of income sufficient to raise enough revenue to balance the public budget.

Scrap the business profits tax in favor of a graduated tax on gross business revenue, exempting, for example, all business revenue up to some amount, eliminating all other deductions, and imposing an increasing rate of taxation on higher ranges of revenue. The one possible deducation would be a tax credit for every person employed full time and covered for medical insurance and a defined benefit pension.

There are more ideas to consider, but these are what I believe are the most important to achieve a far more just distribution of income and wealth.

You have stated things quite well. Keep posting!

};--))

Well, though I agree a wealth tax is needed - in fact, there should be an earnings cap, but that's another story - property taxes are not an apt analog. Property tax is a means of charging for shared services people are entitled to, regardless of whether they use them. The value of the property taxed is a convenient, if imprecise, measure of the value of services they receive. Where I live, we pay property tax to four distinct jurisdictions: Village, Town, County and School District. The first three are divvied up among things like water, sewer, garbage, police, fire, etc.

Thanks to the duplicitous Republican Party, the principal subsidiary of Wall Street (and their right-of-center, corporate Dem enablers), America's healthcare system is utterly broken; America's threadbare safety net for low-paid workers and the homeless is one of the worst in the industrialized world; decades of union-busting have left most American families struggling for the basics, leaving virtually no effective retirement plan for their overburdened breadwinners, who must toil away until they drop dead without ever escaping crushing debt; America's wealth is monopolized by the selfish, ruthless, and greedy few; trillions of American dollars have been lavished on a paranoid and delusional military empire whose jingoistic creed of endless expansion and war have spread across a world that hates us, rivaling the worst fascistic powers in history; all within six months, America's head clown has been impeached, a highly infectious and deadly pandemic is running wild with no end in sight, the real economy is collapsing into a depression of biblical proportions, social unrest has exploded under systemic racism and police brutality, which are still rampant 150 years after the war to end slavery; and with no rational strategy for mitigation, America is leading a planet hurtling toward the sixth mass extinction.

And yet after all of that (If you need references for the painfully obvious then either you are not paying attention or just don't care.), America remains hopelessly infested with fcking idiots whose howling-at-the-moon notion of patriotism and religion compels them to vote Republican even when outside reality is slapping up against their impenetrable, braindead skulls.

Seems like there is not a lot of info on what this virus is costing in hospital bills. The insurance companies are probably paying out large sums. I have read about single patients with million dollar bills. If you owe 20% that is $200000. A lot of people could never pay that. Then there is the uninsured. Who pays that? Where is the information on bankruptcies? Hospital finances? How is Medicare dealing with this? Medicaid? Medicare Advantage plans? Could Thom get an expert on his show?

Okay. Kinda kind.

Exactly. Conquer and divide to distract from the real story -- the main chapter in the billionaire playbook.

To expand a bit on my #1

It's my theory that the bulk of the racism experenced today, stems from working class whites who's jobs were shipped overseas to satisfy the greed of our elites. Through certain media outlets they were told that the falt lay with brown and black people taking their jobs. Bingo, creeping racism..

Gotta' keep the workers at each others throats don't ya' know?

Deepspace, please be kinder. No personal attacks.

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