National wealth tax could help pay for college
To the editor:
A problem that affects and hurts a lot of American families, except for the wealthy, is the cost of a college education. I’d like to propose a gradual, step-by-step change where we turn college student loans into college student scholarships so that one day every college graduate will not have to start their working lives deeply in debt.
With a $1 trillion yearly federal budget deficit, we’d have to come up with the revenue to pay for this. I would propose the adoption of a national wealth tax of something like 10 percent on all individuals with a net wealth and net worth of $10 million and higher. I am guessing that this would be more than enough. My preference would be for the tax to be higher on inherited wealth than on self-earned wealth.
I would like to point out to my conservative friends out there that before he became a FAKE conservative, Donald Trump proposed a national wealth tax in 1999 of 14.25 percent on all those with a net worth of $10 million and higher. He wanted the money generated from it to go toward eliminating the national debt, with the remainder being put into the Social Security Trust Fund to make it more fully solvent for additional years. The latter of the two expenditures is not exactly “conservative.” If anyone doubts that he did this, it appears on several websites for anyone to see.
Stewart B. Epstein
P.S. I am a retired college professor of sociology and social work. I taught at West Virginia University and Slippery Rock University.