
Why I believe the current tax proposals don't go far enough
I’ve been following the recent discussions around wealth taxes, and while I agree with the direction Bernie Sanders is taking, I believe he is being far too generous. We don’t just need a wealth tax; we need to fundamentally restructure our entire system to prioritize American workers over the global corporate interests that have hijacked our economy.
We have forgotten the era when we understood that corporations and the ultra-wealthy had a primary responsibility to the nation that gave them their success. History shows us that we once maintained a system that held the powerful accountable. Under FDR, we saw the implementation of highly progressive tax structures, with rates on the highest earners reaching as high as 75% or more to support the nation during crisis.
Before the 1980s, the tax landscape was completely different. Back in the 1970s, citizens earning below $20,000 a year—the equivalent of approximately $172,000 in today’s money—were not taxed at all. I believe we need to return to that principle: today, any individual or family earning below $200,000 a year should be exempt from federal income tax. Furthermore, there was a societal understanding that necessities—like food, electricity, and basic utilities, including internet access—were not to be burdened by the same taxes as luxury goods. While the internet became accessible in our homes in the 1980s, it was later administrations, such as that of President Obama, that allowed for the taxation of these essential services.
The Kennedy-era tax system is often cited as one of the most effective in our history, using targeted tax cuts to incentivize domestic investment, job creation, and employee benefits. Unfortunately, later policies began to dismantle these safeguards. President Nixon signed the Tax Reform Act of 1969, which began shifting away from the previous structures. This era saw economic instability, culminating in the recession of 1973–1975, which was the longest since the Great Depression.
The shift toward our current, broken system accelerated under the Reagan administration. Through the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986, the top marginal tax rate was slashed from 70% down to 28%. These reforms granted massive conglomerates and billionaires the same tax benefits and write-offs originally intended for small businesses, allowing the largest corporations to shelter profits while the middle class bore a greater share of the burden.
I propose a complete overhaul with a tiered system that actually reflects reality:
Millionaires: A minimum 5% increase in taxes.
Billionaires: A minimum 15% increase in taxes.
Trillionaires: A minimum 25% increase in taxes.
We must stop treating the wealthiest corporations and individuals as if their interests are identical to those of the American worker. We also have to acknowledge the historical shadow cast by industrialists of the early 20th century. Men like William Randolph Hearst used their media empires to demonize hemp—a direct competitor to their wood-pulp paper products—which led to the 1937 prohibition. This is the same kind of corporate manipulation we see today when billionaires push for legislation that shields their bottom lines.
It is time to stop the "one-size-fits-all" tax breaks for the ultra-wealthy. We need a system where tax incentives are strictly tied to the well-being of the American worker and the security of our domestic economy, not just the profit margins of global billionaires.