patrick.net

i'm certain this started a while back, but let's not pretend this guy didn't seal the deal:

I don't agree with the authors solution. I would choose Picketty's solution over that transaction tax.

But the numbers are stunning.

1. Each Year Since the Recession, America’s Richest 1 percent Have Made More Than the Cost of All US Social Programs

In effect, a reverse transfer from the poor to the rich. Even as conservatives blame Social Security for being too costly.

Much of the 1 percent wealth just sits there, accumulating more wealth. The numbers are nearly unfathomable. Depending on the estimate, the 1 percent took in anywhere from $2.3 trillion to $5.7 trillion per year. (All numeric analysis is detailed here.)

Even the smaller estimate of $2.3 trillion per year is more than the budget for Social Security ($860 billion), Medicare ($524 billion), Medicaid ($304 billion), and the entire safety net ($286 billion for SNAP, WIC [Women, Infants, Children], Child Nutrition, Earned Income Tax Credit, Supplemental Security Income, Temporary Assistance for Needy Families and Housing).

A transaction tax is stupid.
What you need is a 75% tax for income above $1 million a year.

What ever you do, don't let this guy any where near your pay check.