My understanding is that banks pay no taxes on mortgage interest income over and above the first million dollars. If so, tax that income. Are financial transactions such as huge stock purchases taxed? If not, tax them. Is it true that outfits like the Bank of America and General Electric pay no income taxes? If so, tax them. How about removing tax exemptions exploited by politically intrusive churches? How about taxing political campaign donations? Are Internet sales taxed? If not, extend the sales tax to those sales.
Huge financial, corporate, religious and political institutions prosper in part because of the infrastructure and humane society that we taxpayers have created. Taxes are the dues that they ought to pay to help maintain that stable society.
How about taxes that make growth pay for growth? (For example, a new tax on every car sale that adds to the number of cars on our roads.) How about raising and actually enforcing development impact fees?
Dismantling our society to balance the budget is an unacceptable option. Identifying tax inequities and putting an end to them is a better way.
