You are completely misguided. The government has NO MONEY — all money government receives is from taxpayers. I agree with you, government should freeze all spending; however, taxing individuals with wealth at the levels you propose will only further exacerbate the problems, because individuals that have the level of wealth to pay the additional taxes you propose will simply shut down their investing. I know, because my husband and I fall into the $2 million dollar income level you talk about and I guarantee you that we would work to reduce our income so as to avoid the tax structure you propose. And by the way, we have NO connection to local, state, or federal lobbyists, government, etc. and we are individuals who want government to GET OUT OF OUR LIVES AND OUT OF OUR WAY so that we can continue to invest in our own business and other businesses in order to grow our economy. Spending increases do not benefit “the rich”, it benefits government and individuals in the government. Please do some research and rethink your position.

My point is that there is plenty of money available to fund the government as it is today. The government is NOT bankrupt. The government can tax its way to solvency. It can not spend its way out of debt. The additional taxes will cause absolutely no pain. Those being taxed won’t even miss the money. Those who have benefited most from government policies should be taxed the most.

The richest 1% hold a disproportionate amount of the country’s wealth but also hold the power in Washington so that they can increase and protect their wealth. A portion of their wealth should simply be taken to get the country out of the mess it is in. The masses do absolutely nothing since most of them are as financially irresponsible as the government itself. If the ultra-rich don’t want higher taxes then they should really push to cut spending (they own the lobbyists and have most Congressmen in their pockets), but the spending increases favor the ulta-rich.

We should start with an massive windfall profits tax on the banks who are benefiting from free money from the Fed. The banks (even GS) wouldn’t even be in business if it weren’t for the taxpayer bailout (or so claims Timmy).

If the ultra-rich are taxed more they will work harder to make more money to make up the difference (or they were making more than they wanted and won’t miss the money in the first place). Increasing taxes on the middle class will not have the same effect.

The problem with government spending is the way the goverment spends money. I agree that it is very wasteful. But there is plenty of money available to fund the government as it is.

Most people cannot put on condom properly to have safe sex. I guess this is a simple way to show the implausilibity to relying on “personal responsibility” as a major pillar in any political philosophy.

Most people need “mommy” or the welfare state to take care of them.

We could start with a windfall profit tax on Goldman Sachs (and every other big US bank) and their employee’s bonuses.

Add 10% tax to all income over $2 million per year and an additional 10% on all income over $10 million. Tack on another 10% on all income over $20 million. Add another 10% on all income over $50 million. Taxes to be repealed as soon as the taxes as some as the budget is balanced for two years. (Automatically added back in any year that the budget is not balanced.) Lloyd Blankfein and Jamie Dimon will be first in line to advise Obama and Congress on how balance the budget.

Next implement a 2% wealth tax on all assets held by individuals in excess of $20 million. Like a real estate property tax, but on all assets (If somebody has $40 million is assets. Take $400K per year.) The tax should be on gross assets, not net worth. Too bad if they are in debt, they can sell their assets is they don’t generate a return.

Tax all capital gains as ordinary income, but factor in inflation into the basis. If a security was purchased in 2002 for $100 the the basis should be adjusted for the 20% inflation to $120, but any gain over $120 should be taxes at progressively higher ordinary income tax rates. The current capital gains tax is regressive.

Freeze the pay of all goverment workers until the Federal budget is balanced. Reduce the pay of all Senators and Congressman by 10% each year until the budget is balanced.

See this is easy if only there was the political will and a few of the right incentives. There would be the political will if the masses revolted, but they are busy watching “reality” shows on TV.

Hey, buddy, go on to the next unregulated local and leave it in ruin, but don’t moralize about what should be done in your aftermath.

Hypocrite.

Also spoke to a banker friend, said most shopping centers and office bldgs were financed with ‘starter’ loans from banks then they would roll-over to longer term loans that are brokered for insurance companies and investment trusts. However, the longer term market is gone so these loans have no place to go.