Tax wealthy Republicans AND wealthy Democrats equally. Impose a 30% FLAT TAX on all annual income over $1 million.
That would include all hourly wages, salaries, capital gains, carried interest, inheritances, gifts, (etc.) and whatever else someone can stuff into the bank as cash or put into their pocket. Close all the tax loop holes that only the wealthy can benefit from.
Obama, Reagan and Biden got it right.
Vice President Joe Biden focused his attention on what he called the Romney Rule, Mitt Romney's plan to cut taxes by $1 trillion over a decade, with most of the benefits going to wealthy Americans. Biden said the Romney Rule relies on a simple principle: "Let's double down on the tax cuts for the wealthy, although they didn't work during the Bush administration."
Back in 1985 President Ronald Reagan said, "We're going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share."
President Barack Obama offered to call the Buffett Rule the Reagan Rule, citing President Ronald Reagan's push to close tax loopholes for millionaires. "If it'll help convince folks in Congress to make the right choice, we can call it the Reagan Rule instead of the Buffett Rule."
Bud Meyers Tax Schedule for 2013
|Tax bracket||Tax rate|
|0 to 19,999||0%|
|20,000 to 49,999||5%|
|50,000 to $99,000||10%|
|100,000 to 249,000||15%|
|250,000 to 500,000||20%|
|500,000 to $1 million||25%|
|Over $1 million a year||30%|
|Over $1 billion a year||35%|
And then charge a 5% VAT Tax (value added tax) on all purchases over $500,000 - - and eliminate the CAP on Social Security taxes that people earning over $112,000 are presently not required to pay....and do this for all Republicans and Democrats alike, so it's "bipartisan".
Don't listen to Mitt Romney, he only represents wealthy Republicans.