How to balance the federal budget...

[BigCliff]

So I was sitting here reading the news, and saw that Tom Cruise is Rolling Stone for bad-mouthing Scientology. Then I realized there is probably billions of dollars made on anti-libel/slander/whatever lawsuits all across the country. Then I realized there must be ridiculous amounts awarded in rich-folks divorce cases across the country. I say we balance the budget on the ridiculously fat wallets of these people. I came up with an idea.

Here's my idea: on settlements over $2 million going to those with income over $200k/yr or net worth over $1 mil, tax the award at 45%. (in divorce or similar cases, the penalty would be assesed equally on both/all parties involved)

There might be some need to add in special rules for medical needs,
like if a doctor screws up and a child needs $10k/mo in medical care for the rest of their lives, but I think this new law would be met with popular approval.

[Fish Bones]

Well Cliff, on the surface, it sounds like a plan worthy of discussion. The revenue is certainly needed and perhaps it would slow down our societies litigious tendancies.

BTW... I now have a very political question... where were you sitting when you were reading the Rolling Stone???

[JBinUTAH]

Only problem is, "$2 million going to those with income over $200k/yr or net worth over $1 mil" is very very common. And with many of those awards, the lawyer gets 1/3. But I think your on the right track. We need to up the numbers though.

[BigCliff]

Nice try Steve, but I haven't read Rolling Stone in over 5 years. (I do tend to read and agree with Peter Travers movie reviews, but find them elsewhere.)

Also just noticed I left out the word "suing". Guess that's kinda important in this context. Thanks for getting my point despite that guys.

JB, I think the fact that such settlements are so common is the beauty of it, and why this would work so well to generate income. Maybe 45% should be reserved for settlements over $20 million and something lower for amounts below that.

Come to think of it, I guess copyright and patent infringement suits would need special rules too. But y'all know what I mean. I'm intending this to affect those who have much more than they need and are after still more.

[freeze69]

i found your article rather interesting. but isn't and wouldn't it be easier to tax the working class people at 40-45% on such things as bonus checks and stuff like that. :holy: they already do that every time i get one it's called a gift tax. but some rich fat cat has loop holes and everything else to get out of the taxes.

GOTTA LOVE THOSE POLITICIANS.