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Originally Posted by CoachKandSportsguy
I agree, and the way to support it is though a tax on capital, as that is what replaced labor.
So all software amortization and software purchase and SAAS expense shall be disallowed expenses for corporate tax purposes.
And then the corporate tax is adjusted to include capital to fund this, as corporations US entities can't leave, including ones owned by intl holdings companies.
And raise the social security tax by increasing the percentage and removing the ceiling to tax all management employees, even with a graduated increasing scale for highly compensated ones, and then SS will survive a bit longer. . and I don't believe that these people will miss the increased tax, so save yourself from the theoretical arguments on tax disincentives. Working above UBI after tax gives you more spending opportunities than UBI or nothing at all.
In the post WWII and post the great depression, people still worked with the highest incremental tax rate approaching 70%. People won't stop working but there is a level at which each individual won't work harder or longer or want the additional responsibility for the incremental income. Just don't conflate the two concepts into a generalized for everyone not working excuse.
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I agree about raising the SS tax and with no ceiling. I also agree that when the US had a strong middle class (like around 1950) that the top tax rate was 70%. Today we have virtually no middle class. We see the problem, you are correct, but how to SOLVE the problem. The upper 1/10 of 1% runs America today and we won't be able to say to them, "mommy may we" please go back to 1950 tax rates.
.........And in 1950 there was about 125,000,000 people in the US. Now there are around 350,000,000 legal ones.
.........You mentioned some good answers to some problems. But, there are more problems that I can think of just off the top of my head. The Supreme Court needs term limits. Congress needs term limits. That won't happen. In my opinion, 4 people are controlling the US today. .........about 3 or 4 Supreme Court Justices and one man (with glasses) in the house.