Anti-Corruption Party

It is time the ultra wealthy pay their fair share.

We think that our tax system has been rigged by special interest groups and the ultra wealthy so that their greed goes unchecked. Their unwillingness to contribute to the country that helped create them can only be called one thing, unpatriotic. Their self-serving attitudes should not be what Americans strive for. Rarely is there a man who is both moral and rich.

This taxation problem is very simple in our minds. When Warren Buffett tells you his effective tax rate is lower than his secretary’s, we have a massive problem as a nation. We want to start to solve it by adding and changing the current income tax bracket system to this:

Income Tax – Marginal Rates (People)
$0-$35,000 @ 0%
$35,001-$50,000 @ 10%
$50,001-$70,000 @ 15%
$70,001-$100,000 @ 20%
$100,001-$150,000 @ 25%
$150,001-$250,000 @ 30%
$250,001-$500,000 @ 35%
$500,001-$1,000,000 @ 40%
$1,000,001-$10,000,000 @ 50%
$10,000,001-$100,000,000 @ 75%
$100,000,001+ @ 90%
These figures double when married.

We feel that this is a better representation of what can be sacrificed by those with larger incomes. The fact that rates have been so low for so long, despite being in two decades long wars, is disproportionately burdensome on the least able to pay among us. Especially, when you consider that the poor and middle classes were the ones actually fighting the wars. Everyone must sacrifice for our shared freedom. We have neglected to have our wealthy pay their part for war costs.

Additionally, even when not at war, we should disincentivize greed, selfishness, and brazen power grabs in this country. We were doing our best for the middle class when top tax rates were at 90% in the 1960’s. Yes, there was a post war boom because America was largely unaffected from bombings. However, the tax rates meant that capital could not overwhelm ordinary people’s purchasing power, until they bought the government that is.

We would also impose a wealth tax so that billionaires do not exist in this country anymore. Yes, they will leave, and no we don’t care. They can go to some other country to suck their workforce dry, buy their government, and destroy their social programs, because we won’t tolerate it anymore. Here’s the proposal:

Wealth Tax Rates of Owned Assets:
$10,000,000-$100,000,000 @ 1% per annum
$100,000,001-$250,000,000 @ 25% per annum
$250,000,001-$500,000,000 @ 50% per annum
$500,000,001-$1,000,000,000 @ 75% per annum
$1,000,000,001+ @ 90% per annum

Furthermore, we want to spur small business growth and restart the local economy. So, we will have marginal income tax rates for corporations:

Corporate Marginal Income Tax Rates:
$0-$100,000 @ 5%
$100,001-$250,000 @ 10%
$250,001-$1,000,000 @ 25%
$1,000,001-$10,000,000 @ 30%
$10,000,001-$100,000,000 @ 40%
$100,000,001-$1,000,000,000 @ 50%
$1,000,000,001-$10,000,000,000 @ 75%
$10,000,000,001+ @ 90%

We also want to close tax loopholes, deductions, and other special programs that seem to do nothing but be a handout from the government. Similarly, we’d like to incentivize spending on cap ex projects that create good paying jobs in the US. Especially those that are in our national security interests. We would also push to converge GAAP and IFRS accounting standards. Lastly, we would make available to the public, a free and easy way to do taxes online.