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Besides the repeal of the tax cuts Obama has called for the lifting of the cap on how much of your income is eligible to pay for social security. This will hurt a lot of middle class families because that extra 2% is generally their discretionary income and brings down their quality of life. Do we have to do it? I am not sure. I think there are other things we can do but I question if we have the resolve for dealing with pork. I would propose that there be some limits on how much you can leave to your estate. I do not know where you set the marker. I am talking about millions but when you read how much executive pay has skyrocketed and how much the taxpayer gets stuck with the short stick (Bear Stearns, the income security Joe talked about above) there should be some claw back. These people made this money in part through the benefits and protections of this country and when their time is done they can well take care of their family but the rest should go back to the government. I see no reason to permanently endow a leisure class in this country when so many are finding times hard. I also think there should be a super tax paid on amounts above say 10 million. It is not going to balance the budget but it does send a message that the ones that truly benefit from this system (and their own work) should contribute more. Flat tax would be nice as well but that enough for one post.
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