What is the fair share tax rate for the wealthy and very wealthy? That was the question that Neil Cavuto asked a Democratic guest recently. She was reluctant to answer, but I will provide my answer in her place.
The Federal income tax for individuals and corporations (who are people after all according to Mitt) should progressively increase to a top rate of 75%. The capital gains rate should be the same since the wealthy get most of their income from now lower-taxed capital gains. The estate tax (so-called death tax) should also be a progressive tax topping out at 100% on estates of $5 million or $50 million or some such number. Supposedly we believe in a level playing field here in the US. Allowing the children of the wealthy a lifetime free ride is not what we stand for.
Stagecoach, the movie directed by John Ford. It was this movie, released in 1939, that made John Wayne a star. In the movie, several people are traveling through Apache territory to Lordsburg. One of them is a banker trying to escape justice with depositors’ money. During the journey, he bemoans government regulation of banks and says that whatever is good for banks is good for America. Later he says that the country needs a businessman as president. This is in 1939, ten years into the Great Depression, ushered into existence by businessman Herbert Hoover. Sure enough in 1940, the GOP candidate was Wendell Willkie, a businessman defeated by FDR.
The Republican solution for the excesses of unfettered capitalism is usually elect a businessman rather than a politician. That was their solution in 2000 with businessman/politician GW Bush, again in 2012 with Mitt Romney and now in 2016 with Donald Trump who portrays a successful businessman on TV. The Republican solution is always the same and it NEVER works.
During a debate in 2008, Barack Obama said that Hillary Clinton was “likeable enough.” And that will be the deciding factor in the debate tonight and in this election. The more likeable candidate for US President ALWAYS wins. The GOP have labored for 24 years to portray Hillary as less likeable. And yet they have nominated Donald Trump as their candidate. It is hard to imagine anyone less likeable than Donald Trump.
California recently passed a law in which all candidates for an elective office compete in one primary. The top two finishers then compete in a run-off election in November. Just imagine a single national primary for the office of US President, say in July. Then the top two finishers meet in the November election after a relatively short campaign. If that were in effect now, this election might be between Hillary Clinton and Bernie Sanders. Wouldn’t that be wonderful?