Thanks to amnesiadust, I know that there’s a decent article in the current New Republic that proposes a “new”, New Deal. I like it a lot, because the authors first state their goals, and then propose a plan that seems to address those goals:
(1) The federal fiscal system should be moderately progressive. In other words, the net effect of all federal programs taken together should be to reduce somewhat the inequalities of income that are inherent in any market-based economy, but not in such a way that economic efficiency is compromised and growth lowered.
(2) There should be a system of universal health care–so that no American is denied necessary medical treatment–but the system should also be affordable.
(3) When they stop working, all Americans should be guaranteed a basic income of at least 40 percent of their pre-retirement earnings (the original goal of the Social Security system).
(4) The federal fiscal system should be based on the principle of intergenerational equity; that is to say, net lifetime taxes should take out of our children’s income roughly the same proportion as they take out of our income.
Their solution is (in short) to eliminate the income tax (corporate and personal), as well as FICA and social security. In their place, they propose a 33% federal sales tax. That works out, spending power wise, to a 25% income tax, which is less than I pay now.
I like it. Let’s do it. Where do I sign up?
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