If America voted for a tax increase, then I say let's do that. But not on just income, but on wealth.
Ours is a system of income tax. We only tax income. We're leaving so much money on the table.
Overwhelmingly, wealthy Americans voted for Obama. Certainly sports figures and entertainment types did. So tell you what - let's tax total wealth. Every asset. Coins, antiques, furniture, cars, homes, holding and assets of every stripe. If you own it, it's assessed.
Let's start with 1%. You have a net worth of $1 million? You owe $10,000. That's not much, right? And this would be on top of income tax, not in replacement of.
Bill Gates and Oprah and Bill Maher and John Kerry and Warren Buffet - eat your heart out. Think of the revenue, all from money sitting on the sidelines. As Biden said, C'mon - get in the game!
If they want taxes, and if taxing the wealthy is cool, then tax the wealth of the wealthy. Every bit of it.
I know that every person who voted for Obama would love this. They keep telling us that they want to be taxed. It's patriotic, don't you know... so let's tax wealth and income!