If we don’t do something about the deficit and the resulting perhaps inflationary money printing, the stock market and so on might crash to 20% of its current value, for a decade or more. If we double the tax rate for the wealthiest 20%, it will raise $1.5 trillion a year. This would eliminate the yearly deficit, while providing enough revenue to eliminate the national debt within five years. The wealthiest 20% would still have 47% of their income left over after taxes, and this would be for only half a decade.
We should contact our elected officials. If we get different elected officials before this is done, we should contact the new elected officials.
Alex Sokolow
Santa Monica
