|But It Won't Be Under The Tree This Year|
The authors are concerned about the demise of democracy in the face of political control by the wealthy.
The gist of the plan is to have a tax on the wealthy kick-in only when the disparity between the income of the 1% and the median income exceeds a certain ratio. They arbitrarily choose the 2006 ratio of 36 (36 times the median income, which I, and most of the callers think is too high).
The plan would insure that "All boats will rise with the tide", i.e. that the wealthy could only get richer as the median income increases - as the 99% increase their income. The incentive would help job creation, grow the economy and be the closest thing to a real trickle down economics.
As all solutions create new problems, this plan would not be without some flaws, drawbacks or unforeseen consequences. But it is an interesting new concept.
Many of the audience who called in cited the dysfunctional congress as the major block to making any efficacious changes in tax law, let alone one that is as creative and innovative as this.