Edwards announced a new tax plan today that calls for relief for the poor and repealing the Bush tax cut for the super-rich:
These are all good ideas, but here’s an additional one the Edwards campaign should seriously consider. How about exempting the first $27,000 (or whatever is considered the poverty line) of household income from any federal taxes, while raising the tax on millionaires to a flat 50% tax on income of one million or more? (The latter part of this idea was proposed by someone in the youtube debate). And how about making the tax code more progressive by making rent and groceries tax-deductable?
It’s the folks at the very bottom of the income ladder, not the wealthiest, who need real reductions in their tax burden.