In the 30+ years I’ve spent closely following politics, here’s a fresh idea that I can’t say I’ve ever heard before: raise taxes on the Baby Boomers.
Our tax code is full of exceptions, loopholes, exemptions, etc. But I can’t say I’ve ever heard of an approach to taxation that punished generations (except for the entire code helping to punish future generations).
But since the Baby Boomers created most of the current social and economic messes we enjoy today (along with pretty much everything else that’s wrong), why not let them pick up the tab?
Since they’re the ones most likely to be asking for increased spending and higher taxes to solve the debt crisis, let them put their money where their mouths are and let’s raise taxes on all Baby Boomers. I’m thinking a 80 or 90% tax rate.
This will have the welcome side effect of either removing them from the workforce (finally) so Gen X can take over or they’ll pay back all of the money they stole from society and the economy.
Baby Boomers were the first American generation to actively not want to leave things better than they found them for future generations. This is the future’s way of giving back.
Come on, who can’t get behind this plan? Seriously…