Let's make the deficit as personal for Congress and the Feds as it is for us...
Tea-baggers, Republicans, and Blue-Dog Democrats in Congress use their convoluted “values” and the deficit as excuses to slash and burn social safety net programs ... witness Planned Parenthood. Social Security and Medicare appear to be next on the chopping bloc, never mind that “we the people” have actually paid for these “entitlements.” So, I suggest we actually test their resolve and commitment to reducing the deficit by demanding they implement a “Deficit Reduction Tax.” It goes something like this:
All elected and appointed officials of the US Government will have 10% of their gross monthly earnings deducted and paid towards the deficit reduction.
All retired elected and appointed officials of the US Government with federal retirement benefits exceeding the US median household income (approximately $50K) will have 10% of their federal retirement income in excess of the US median income deducted and paid towards deficit reduction.
Until such time that Congress determines than unearned income shall be subject to the same tax rates as sweat-earned wages, All taxpayers with annual Capital Gains and Dividend distributions taxed as capital gains exceeding $10K will pay an additional 10% deficit reduction tax on the gross amount exceeding $10K but under $100K, and 25% additional tax on any amount exceeding $100K.
All current non-elected / non-appointed Federal employees (excluding active-duty military) with annual gross salaries exceeding 2X the US median household income will pay 2% of their gross federal income towards the deficit reduction.
All candidates for elected federal office shall pay a 10% deficit reduction tax on all campaign contributions exceeding $500 from any individual, corporation, PAC or any other source. All campaign contributions exceeding $250 sourced from individuals, corporations, or any other entity legally residing, incorporated, or otherwise instituted outside the borders of the United States shall be subject to a 50% deficit reduction tax.
Any owner, principal, employee, or appointed director of any business or agricultural entity receiving any federal subsidy or tax credit in excess of $250K shall pay an additional deficit reduction tax of 20% on any adjusted gross earned income above $250K.
The Congressional Budget Office shall be required to establish the US Median Household Income on the date of implementation of the deficit reduction tax and every year thereafter by January 1st. The Congressional Budget office shall monitor the US deficit and report monthly on it’s status. The deficit reduction tax, except for provisions regarding campaign contributions, shall be suspended at the time the Deficit reaches an affordable level which shall be set at no more than 2.0 times annual federal income tax revenues...adjusted annually by the CBO. If suspended due to prevailing fiscal sanity, as evidenced by budgetary compliance, the deficit reduction tax shall be immediately re-instituted for no less than 6 months any time the CBO projects the US deficit to be $250 Billion above the allowable deficit.
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