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Sunday, September 11, 2011

Huey Long Must Die - How Could Today's Republicans And Plutocrats Think Otherwise?

Huey Long Died 76 Years Ago, by Darrel Plant at darrelplant.com, shows how Huey Long was a true populist. Here's what he proposed in 1933 as "The Long Plan," in chapter 37 of  Every Man a King: The Autobiography of Huey P. Long by Huey P. Long:
1. A capital levy tax on the property owned by any one person of 1% of all over $1,000,000 [dp: $15,716,000 in 2010 dollars]; 2% of all over $2,000,000 [$31,433,000] etc., until, when it reaches fortunes of over $100,000,000 [$1,571,600,000], the government takes all above that figure; which means a limit on the size of any one man's forture to something like $50,000,000 [$785,820,000]—the balance to go to the government to spread out in its work among all the people.

2. An inheritance tax which does not allow one man to make more than $5,000,000 [$78,582,000] in a lifetime without working for it, all over that amount to go to the government to be spread among the people for its work.

3. An income tax which does not allow any one man to make more than $1,000,000 [$15,716,000] in one year, exclusive of taxes, the balance to go to the United States for general work among the people.
I'm curious to know how much revenue Long's plan would raise if applied today.

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