ii iv viii
Logo3 Merry Christmas and Happy New Year

NEW - In 2016 the 2-4-8 Tax Blend will become 2-4-8 Tax Choice
The "choice" would allow all taxpayers to choose an income tax rate between 8% and 28% paired with a net wealth tax rate of 2% going down to zero. Wealth taxes paid would reduce Estate and Gift taxes (also set at 28%). This would encourage wealthy individuals to pay some net wealth taxes as a form of inexpensive life insurance.


C - Corp
4% VAT
8% Income

Wealth Tax Pioneers

(a partial list of those with good and bad suggestions for using of a wealth tax in the United States)

1996-Feb, Edward N. Wolff, a professor of Economics at NYU, wrote Time for a Wealth Tax? in the Boston Review which recommended a net wealth tax of 0.05% (for $100,000 in assets) to 0.3% (for assets over $1,000,000). Wolf was interviewed in May of 2003 and had significantly increased his suggested tax rate to 0.2% (for $100,000 in assets) to 0.8% (for assets over $5,000,000). He also indicated that he had use the Swiss wealth tax as a model.

2000-Apr-10, Bruce A. Ackerman and Anne Alstott, Law Professors at Yale University, wrote The Stakeholder Society proposing a national wealth tax of 2% (above $80,000). The proceeds of the tax would not go into general revenue and might be redistributed to qualifying young people (at the rate of $80,000 each) or used for other progressive purposes.

2000-Jul-02, Donald Trump wrote a book titled The America We Deserve which included a proposal to repeal the inheritance tax and impose a one-time 14.25% wealth tax.

2000-Sep-03, Jon J. Shure, head of New Jersey Policy Perspective and former spokesman for Gov. Jim Florio, suggested an income tax increase on high earners and a 0.25% ''financial assets tax'' (a/k/a F.A.T. a/k/a wealth tax) on assets above $2,000,000. See The New York Times, ON POLITICS; Notion of Tax for Super-Rich Hits With a Thud in Trenton.

2001-Sep-19, Leon Friedman, a professor of Constitutional Law at Hofstra University, wrote A Better Kind of Wealth Tax in The American Prospect encouraging a 1% wealth tax on the top 1%. The article contains some questionable opinions about the constitutionality of a wealth tax and suggests an odd fix to the constitutional apportionment issue.

2004-Jul-18, Ralph Nader was interviewed by Pat Buchanan and said that he would support a very modest wealth tax of 1%.

2005-Mar-3, Robert B. Reich, a Professor of Social and Economic Policy at Brandeis University, and Secretary of Labor under former President Bill Clinton wrote Taxing for Success recommending the funding of public education with a 0.1% national wealth tax rather than local property taxes. [Mr. Reich was also reported to have favored a wealth tax at least 5 years earlier].

2008-Sep-24, John Halle wrote A Long Episode of Free Market Insanity Wealth Tax Now! in Counter Punch urging a wealth tax on assets above $10,000,000 to pay for the $700 billion government bailout.

2009, S. Douglas Hopkins wrote the book, A Citizen's 2% Solution, which recommended a 2% wealth tax with simplified federal income tax rate brackets and has no sales or value added tax.

2009-Feb, Dr. Pete Gloor began FairShareTaxes.org which endorses a sliding wealth tax of 0.5 to 2% (for assets above $800,000) along with a major overhaul of the federal and state tax and spending programs. [Original date of proposal is uncertain].

2011-Oct-13, Michael Froomkin, Miami Law Professor, wrote For a Very Modest US Wealth Tax endorsing a 0.3 to 0.5% wealth tax (over $1,000,000).

2012-Jan-9, Ronald McKinnon, an Economics Professor at Stanford University supported a 3% Net Wealth Tax (with $3,000,000 deduction) in a Wall Street Journal article titled, "The Conservative Case for a Wealth Tax". A couple of weeks later in a radio interview, he said the deduction should be $6,000,000 and noted that his proposed title for the article did not include the word "conservative".

2012-Jun, Jim Bowden started a website titled Citizens for a Capital Tax at WealthTax.org for popularizing the idea of a tax on net worth. "Right now this doesn’t have much traction in the public arena".

2012-Nov-16 Economic Policy Institute (EPI) released a proposed federal budget which includes numerous tax increases for the wealthy including a 0.5% net wealth tax over $10 million. See EPI wants wealth tax over $10.

2012-Nov-19, Daniel Altman, an Economics Professor at New York University and former member of the New York Times editorial board wrote an op-ed titled To Reduce Inequality, Tax Wealth, Not Income suggesting that a net wealth tax should replace the U.S. individual income tax. The payroll taxes would be maintained but the capital gains, estate and gift taxes would eventually be eliminated with the income tax. After an initial phase in, the net wealth tax rates would be 0% for wealth under $500,000, 1% for wealth between $500,000 and $1,000,000 and 2% for wealth over $1,000,000. [See 2-4-8 Response].

2013-July-27, Eugene Patrick Devany, the author of this website modified the 2-4-8 Tax Plan to make the wealth tax optional. The change gives all individual taxpayers the choice of paying a 2% net wealth tax with a low 8% income tax OR no wealth tax with a 26% income tax (and estate, gift and capital gains taxes). Making the net wealth tax optional is a game changer for both economic and political analysis. The legal constitutional objection regarding apportionment of taxes is also eliminated because the wealth tax is simply one more income tax option. The lifetime tax payments combined with the inheritance tax would, on average, be higher for taxpayers who do not elect the wealth tax option.

2014-March-10, Thomas Piketty, Economics Professor at MIT and in Paris, is the author of Capital in the Twenty-First Century, a new 696 page book previously released in French and in English on March 10, which may turn out to be the most important economic book of the decade. While much of the acclaim has come from combining data over several centuries to examine the distribution of income and capital (net wealth) most of the criticism has come from his recommendation for a global progressive tax on capital. The book is available for download to Kindle and is highly recommended. See edited book reviews by Eugene Patrick Devany showing reviewers' reactions to net wealth tax.

    Skip Navigation LinksHome > News and Resourses > Wealth Tax Pioneers

Spread the word: Please let Congress know you want them to consider the 2-4-8 Tax Blend by simply tweeting "TaxNetWealth.com" or by copying any basic description and sending, faxing, or emailing it to at least one representative from each political party. Many representatives will only accept email through their individual websites.

Copyright 1985 to 2015 by Eugene Patrick Devany