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SOURCE Reformed Economics Institute
DENVER, May 27, 2014 /PRNewswire/ -- A new book, "A Theory of Tax Fairness," by Dr. J. H. Moromisato, Director of the Reformed Economics Institute at Denver, CO, describes a novel approach to taxation, which calls for tax rates of 99% on the top 0.001% of taxpayers, and reduced total tax rates-including SS taxes-for the 99% and below. It also finds that the accelerated accumulation of wealth by a tiny minority of the population can be identified with a type of human cancer: they are both caused by the uncontrolled and inorganic growth of a group of cells, or individual members of the organism, which grow by hoarding the organism's nutrients, eventually leading to the death of both. Unfortunately, the social cancer, as with most human cancers, has grown inextricably linked to vital financial and economic processes, rendering its physical removal- akin to a surgical effort-impossible.
Dr. Moromisato tells us in his latest book that the growth of inequality, in the U.S. and elsewhere, is just the most visible sign of a social pathology, a cancer, to be precise, which has already weakened the vitality of the U.S. economy, and which will continue to grow at the expense of the rest of the nation until the inevitable fatal outcome-unless appropriate and urgent measures are taken to arrest the malignant growth.
In addition, a progressively higher income tax on the 0.5% can also be justified by a fairness argument: That if every taxpayer had more or least the same annual income, it would be only fair that everybody pay taxes at the same rate-the 'ideal' rate-equal to the rate of government spending in terms of GDP, currently over 20%; however, the distribution of the national income is extraordinarily skewed, specially at the very top of the distribution-the 0.5% with top earnings-thus, many-almost half of the taxpayers-cannot pay anything in taxes without worsening their distress; it is therefore, only fair, that those who make more than the average in income should be called upon to pay more than their 'ideal' share in taxes; this means a very progressive taxation, all the way to the highest earner in the nation.
Also, the argument that higher taxes on the rich can negatively affect economic growth is conclusively refuted in Dr. Moromisato's latest book.
Is there anything you can do about this? You can start by reading the book (for free at www.REIdenver.org), discuss it with your neighbors and friends, and then tell your representatives in Washington about it.
Biographical Notes: J. H. Moromisato is a Ph.D. in High Energy Physics and an M.A. in Economics. He is the Founder/Director of the Reformed Economics Institute, at Denver, and author of several books on economics and its applications, including "The Money-Sovereignty Recovery Act (A Bill Proposal)", 2014.
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