Friday, July 15, 2011
Political Thought for 7-15-11 (2)
I want to propose a new definition of tax equity. When folks talk about fair taxes, some talk about the actual amount paid, or the rate at which income is taxed. Sometimes someone even talks about taxes paid as a percentage of income. I want to offer a new definition: I want to tax the wealthiest at a rate whereby their tax bill will affect their purchasing power to the same extent as it does someone living on minimum wage. Too much? I'd be satisfied if it affected their purchasing power to the same extent as it does mine! But, the true measure of equity would not be dollars paid, or tax rate, or even percentage of income, but purchasing power.