Elizabeth Warren unveils bold new plan to reshape American capitalism

[proglib217]

40. I love Warren, but...

I don't necessarily disagree with what Warren is proposing, but I tend to agree that greater and easier economic justice can be accomplished through reform of the Internal Revenue Code.

But I don't like the idea of a flat 28% tax. I *do* like the idea of abolishing all deductions and tax being paid on all forms of corporate and individual income. But the concept of a graduated tax should be maintained. Why should George Romney and the janitor at the local high school both pay a 28% tax? It's utterly unjust.

I'm not gonna propose specific numbers here, but clearly Romney should be paying in the neighborhood of 70% while the janitor pays 3%. The $400,000 hedge fund manager would pay 35%. Etc.

I stress that these aren't intended to be actual tax brackets. I only throw these numbers out for conceptual and discussion purposes.