Raise Taxes to Stop War

Below is part of an article from The Nation, Tax the Rich, End the War by Nicholas Van Hoffman. Excellent Idea! If Bush does follow through on his threat and refuses to sign the supplemental, then the Democrats should tie tax increases for the very wealthy into the next supplemental they put on his desk. Want your money, Mr. Bush? Then raise taxes! Fat chance but Van Hoffman makes a great point here:

"The Democrats can tax our way out of the war. This would be a Victory Over Terror tax to be levied on incomes of $5 million a year or more. It should be a surcharge of 20 percent over and above what people in that rarified income bracket are already paying. It should be levied on all income, regardless of what form it takes, so it would include stock options, jet plane rides, company-paid-for health and life insurance, retirement programs, golden parachutes, the use of apartments in Paris, cars and drivers.
The people in this stratospheric income category have enjoyed the big tax cuts that have gone into effect while the nation has been attacked and been at war. Individuals making $1.25 million a year have gotten tax cuts of almost 20 percent, but many of these would be spared paying the Victory Over Terror tax, which only cuts in at the $5 million level.
Needless to say, those paying this tax do not represent the Democrats' voter base. As these things go, this is politically pain-free. The tax is aimed at war profiteers, overpaid CEOs and grossly fat cats in general, most of whom carry a lot of weight at the White House. If there is any group of people in the world whom George Bush listens to, it is this bunch of billionaires. Call this a backdoor use of the power of the purse. And since the surcharge expires when the war on terror is won or declared over, those taxed will have a powerful incentive to tell the President it is time to get a move on."
Posted by Meg