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The Mark Levine Tax Compromise

November 29, 2010

I’m ready to accept a tax break for all taxpayers earning under $1 million” at least temporarily if it’s revenue neutral and paid as we go. Since this change raises the national debt by a little less than $300 billion or so (though still way less than the $700 billion that would be increased if the millionaires’ tax cut had happened), we need to raise the other $300 billion somehow.

My proposal:

1) extend the Obama and Bush tax cuts for people earning under $250,000 permanently.

2) extend the Bush tax cuts for people making $250,000 to $1 million for three years temporarily. Cutting off the last seven years saves about $200 million.

3). Instead of raising the millionaire tax rate 3% to the old Clinton rate, raise it to 4% or 1% above the Clinton rate. This will raise more than $100 billion. And we can use the additional $40 billion or so to reduce the deficit.

I announce the plan on the Willis Report:

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  • steve geiger November 30, 2010 8:33 pm

    I watched you on Kudlow this evening and I can’t understand why you continue to stay in this country as opposed to simply leaving and moving to a country that has already embraced your tax and spend stupidity like most of Europe. What a Dumb S#%t