Every year that the government overspends, the tax revenue drawn from the top 1 percent (or whatever percentage of top earners pulls in more than 50% of national income) should increase by twice the deficit. That would protect the economy from budget deficits and irresponsible borrowing while increasing taxes on the rich to sustainable levels.
Progressive Income Tax with Protection from Deficits
Every year that the government overspends, the tax revenue drawn from the top 1 percent (or whatever percentage of top earners pulls in more than 50% of national income) should increase by twice the deficit. That would protect the economy from budget deficits and irresponsible borrowing while increasing taxes on…
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