No IncomeTax for the First $100K of Wages

We request that income tax on the first $100 thousand of wages be replaced by a micro tax on the sale of stocks, bonds, currency, and derivatives. A one-tenth of one percent (0.1\%) tax on the sale of stocks, bonds, currency, and derivatives would produce about $1,116.8 billion in revenue. Income taxes on the first $100 thousand produce about $311 billion in revenue.

Depending on the state in which they live, people pay taxes on food, clothing, cars, and other purchases. So, we ask: why are purchases of wealth instruments not even marginally taxed? The tax code is clearly geared to the non-worker. Other benefits from this shift in tax may accrue, such as moderating irrational exuberance that has plagued the market at times. In addition, workers would be able to invest more for retirement, get out of debt, and make purchases, helping the economy. The additional taxes collected could help reduce the deficit and help Social Security.

James Tobin, a Ph. D. Nobel-laureate economist at Yale University created the original concept on which this idea by Kevin Zeese is based (and more detailed information is available on the Internet.) But, we dont care where the idea came from or who gets credit for the original idea. Its who gets credit for implementing it that counts. We hope you will seriously consider this as part of your legislative agenda and give us working stiffs a break!