I Agree With Robert Reich

In particular, I agree with his proposal for a revision of the tax structure as one of the methods of defeating the recession and restoring the economy to good health:

The best way to revive the economy is not to cut the federal deficit right now. It’s to put more money into the pockets of average working families. Not until they start spending again big time will companies begin to hire again big time.

Don’t cut the government services they rely on – college loans, home heating oil, community services, and the rest. State and local budget cuts are already causing enough pain.

The most direct way to get more money into their pockets is to expand the Earned Income Tax Credit (a wage subsidy) all the way up through people earning $50,000, and reduce their income taxes to zero. Taxes on incomes between $50,000 and $90,000 should be cut to 10 percent; between $90,000 and $150,000 to 20 percent; between $150,000 and $250,000 to 30 percent.

And exempt the first $20,000 of income from payroll taxes.

Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.

And raise the ceiling on the portion of income subject to payroll taxes to $500,000.

It’s called progressive taxation.

Actually, it's called learning from history. We have been through a Great Depression before. Obama seems to be following the path taken by Hoover and initially even by FDR. That way lies economic collapse. We were heading for disaster before FDR reversed course. And we're heading that way again, unless Obama relents.

Let me remind everyone that the Declaration of Independence guarantees us each a right to "life, liberty and the pursuit of happiness." Neither the Declaration nor the Constitution guarantees anyone the right to boundless wealth, especially in time of great national need. Indeed, Ben Franklin put it this way in 1789: "Private property therefore is a creature of society, and is subject to the calls of that society, whenever its necessities shall require it, even to its last farthing."

We're not even asking the wealthy for their "last farthing," only for 70 percent of their yearly income over $15 million. I think anyone with an income of $15,000,000 can scrape by on only $6,604,000 of it (that's $15,000,000 - (40,000×0.1+60,000×0.2+100,000×0.3+250,000×0.4+4,500,000×0.5+10,000,000×0.6)) for the sake of saving the nation. I know it will be tough on them, but surely we'll all offer our sympathy...

(Totals above corrected after first posting.)