All economic cycles are fueled by greed, or shall we say, it's just never enough for some people.
The real estate market will take care of itself if we put ten million people back to work earning at least $35,000 a year. People have to make a living wage and be able to afford a few luxuries in addition to the basics for the real estate market to get better.
We can't afford tax cuts, but we actually can afford tax hikes. I'm thinking 40% on each dollar over a million, 50% over three million, 91% over twenty-five million. Better than under Eisenhower. And that's on net taxable income, after deducting all the business trips and other goodies. Tax shelters are good, they're investments. Alex Rodriguez, go invest in a winery.
We raise taxes on corporate profits, and allow them credits for new hires over a threshold. And a transaction tax on securities trades; there's no reason in the world that computer churning of stocks should create hundreds of billions of dollars in profits for "traders," who then walk away with billion dollar bonuses.
Over the past ten years, the middle class has lost ground, the richest 1% have grabbed an even bigger share of the pie, Rather than a futile battle to make them give it back, we need to expand the pie for everybody. Ninety-one percent, that's my new number!