I saw this eight point plan to save the American middle-class floating around the intertubes and thought it was a great way to begin the dialogue. But I noticed there was no action of reform mentioned for Wall Street or about the imbalance between capital and labor. Below the panel are two more points I think are necessary to fill that void.
9. Reform the tax code by taxing capital instead of labor. Do this in part by offering tax credits to all private sector hourly wage earners. These credits would be paid for with a tax on Wall Street transactions. In addition to raising the minimum wage, this reform will incentivize a stronger societal work ethic and increase participation in the labor force.
10. Permanently end all government bail-outs of Wall Street. (institutions) This will help foster the proper buyer-beware risk wariness necessary for competitive free markets to thrive in. Hunt down and prosecute the master minds behind any and all schemes to deleverage assets, cook the books or manipulate the markets.
We need this debate and reform to win the 21st century.
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