Raise taxes on the rich

As various cities around the country raise taxes on the rich, many rich people are moving to lower tax states. The way to tax the rich is by using the federal income tax system. Democrat Senator Hollen’s has introduced a bill that will increase taxes on the rich and lower taxes on lower income groups. His plan for single filer is an extra 5% on incomes above one million, 10% on incomes above 2 million and 12% on incomes above $5 million. This should be a starting point and taxes would increase further each year. The one restriction should be that the new tax collections be used to reduce the deficit not to install new programs. There could also be a condition that all new government spending cannot increase more than one-half percent below the inflation rate. If they just did the last point this will solve the deficit problem in the long run. Some steps must be taken to close the income gap which is large and continues to widen each year.