One of the problems with an idea like the one to increase taxes on folks who can afford it (income of $250,000?) is bracket creep. It’s true that it might take a long time for most of us to run into this problem, but the impact is gradual and erodes the progressive nature of a tax on wealthy folks who are doing well and can afford to and should pay taxes.

A simple solution is to peg the jump in the tax rate at the presidential salary. We can normally count on Congress and the President not to let this benchmark lag and you know, if you are making as much as the President of the USA, you aren’t doing too badly.

So, we peg a tax rate increase to income above the presidential rate. And we peg a couple of step increases to income at 200% and 400% of the Presidential salary. I know it seems harsh to ask the top earners to live frugally, like the President, but we all have to make sacrifices, don’t we?