Our current generation has been borrowing excessively to provide a better society for Americans and little effort has been made to repay that debt. I suggest that those who have benefited the most from the growth of America should shoulder the brunt of the repayment. To that end I have developed a tax method to review. The percentages and dollar amounts are always subject to change and may well need to be changed in order to generate enough income to begin to pay off our debts. (Paying off the debt is a very long-term project.)

This is a fair and equitable progressive tax on income.

30% tax on income up to $500,000.
40% tax on income from $500,000 up to $1,000,000.
50% tax on income from $1,000,000 up to $2,000,000.
60% tax on income from $2,000,000 up to $4,000,000.
70% tax on income from $4,000,000 up to $8,000,000.
80% tax on income from $8,000,000 up to $16,000,000.
90% tax on income over $16,000,000.

Only 1 deduction per household – the median household income – ~$50,000 in 2014. – No mortgage deductions, no charity deductions, no itemized deductions, etc.

So,

• If your household has an income of $100,000 you have an effective tax rate of 15% after the $50,000 deduction.
• If your household has an income of $1,000,000 you have an effective tax rate of 34% after the $50,000 deduction.
• If your household has an income of $10,000,000 you have an effective tax rate of 64% after the $50,000 deduction. And you are still taking home more money than anyone who makes less than you do.