--- In FairfieldLife@yahoogroups.com, "wgm4u" <anitaoaks4u@...> wrote: <snip> > PS Even taxing the Rich out of existence won't fix our > spending problem!
No need to tax them out of existence, and of course nobody is suggesting that. Nor is anyone suggesting that would solve the deficit problem all by itself (which is a revenue problem, not a "spending problem"). But raising taxes on the richest 0.1 percent--that's a tenth of one percent--significantly above 35 percent could bring in something like a trillion dollars over 10 years. Add to that a tiny tax on every financial transaction, and you wouldn't need to think about making spending cuts that will massacre the poor and middle-class (like slashing federal heating subsidies). There's plenty of other spending--such as for the military--that can be cut. With such cuts and those two revenue increases, we'd be able to bring down the deficit to a reasonable level and ensure that doing so doesn't further depress the economy.
