The Resistance Needs an Economic Program
Elizabeth Wilson
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We need to recruit Thomas Piketty to help with this.

I propose for discussion an elimination of corporate income tax, to be replaced by a new personal progressive marginal income tax system, with no deductions. The current tax system shapes the decision of companies, large and small, and individuals, in non-economic ways. Companies expense corporate jets, country clubs, limousines, prestigious architectural landmark skyscrapers, etc. without regard to stockholders value because they are tax-deductible and depreciable. Small business owners can buy beautiful furnishings for their private offices, fully depreciate them, and then furnish their private homes with them at no cost. As to typical individual filers, why should they be making housing decisions based on how much they can borrow and how much interest they can write off their tax obligation? Why should we allow deductions for dependents? In an overcrowded world, do we want to encourage large families? In our increasingly automated economy, we don’t need to encourage reproduction of more workers. With people begging to enter this country, we will have no shortage of workers.

The elimination of corporate income tax would also eliminate the problem of tax exemption of churches and other non-profits, including trusts. Our tax code is awash with special exemptions which can only result in an inequitable tax system. The motivation for campaign contributions is generally protection of one’s own special tax benefits.

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