I had second thoughts about trying to get this idea in letters to the editor because I really don’t feel right about helping Donald Trump. He is in trouble with the economy and is trying to find a way out.
But upon further consideration, I realize the country is more important. Confidentially, I doubt he would touch my idea with a 10-foot golf club.
The simple way out is a huge infrastructure program: billions of dollars, let’s go for $300 billion.
Where could he possibly get the money?
Let’s step back a moment and think what every city, town, village and county does. They increase property taxes, generally in the 0.2 percent to 0.5 percent range. John and Jane Doe, typical north country folks, “own” a house assessed at $100,000. They also own two cars and some furniture that they are still making payments on, worth a total of $8,000. Their “total wealth” appears to be $108,000.
But it really isn’t. They still owe the bank $80,000 for the house and $4,000 for the cars. Their real wealth is mostly their house at $20,000, so their total wealth is $24,000.
Let me interject here that the average wealth of the bottom 50 percent of the people in this country is $11,000.
The municipality needs to hike taxes 1 percent. So 1 percent of John’s and Jane’s $100,000 house assessment is an additional $1,000 in taxes. The tax on their wealth, $24,000, is really 4 percent, not 1 percent.
The top 20 percent of the country owns (they do not owe the bank cent) about 80 percent of the total wealth of the country. That’s about about $75 trillion. If we were to tax them 0.4 percent ($300 billion) as an emergency, one-time Save the Country Tax, we would also claw back some of the tax money they received in Trump’s feed the wealthy tax cut program.
Think of the good paying jobs and the improvements in homes, schools, transportation, maybe a sample bullet train, roads, bridges, etc. And 0.4 percent is nothing compared to the percentage the Does are paying.
Why is it that some people believe that taking 4 percent of a poor man’s wealth for local projects is just good business, but taking a tenth of that percentage from a billionaire is socialism?