A Deep Dive into "Payback": A Call for Economic Equity
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Chapter 1: An Unexpected Connection
On this beautiful yet troubled planet, where geographical divides can feel insurmountable, unexpected connections often bring individuals from vastly different backgrounds together. My encounter with Thomas Allen Moon, a retired attorney, and his daughter, Anna M. Clark, an author and strategist, exemplifies this serendipity.
Originating from the sun-kissed shores of Australia, I have dedicated my life to the fields of science and technology. In contrast, Thomas, situated in the heart of the United States, has devoted his career to law, justice, and economic issues.
Despite our disparate backgrounds, professions, and cultures, we discovered a significant commonality that transcends these differences. This review focuses on one essential thread that unites us — an in-depth exploration of Mr. Moon's impactful book.
Traditionally, I reserve my book reviews for works within my specific discipline, but this particular book merits an exception due to its critical implications for the future of American citizens.
Born from the American experience, this unique work provides essential insights into the complex fabric of the U.S. political system and how its principles can resonate beyond national borders.
It is important to clarify that this review does not serve as an endorsement for Mr. Moon or his book. There are no affiliations here; the book is freely available as part of a community service initiative. You can access it directly through this link or download it as a PDF for your reading convenience.
My intention is to spotlight Mr. Moon's genuine effort to illuminate the opportunities within the American political structure — chances that have the potential to empower citizens not only in the U.S. but across various nations globally.
I maintain a neutral stance concerning American politics, free from any affiliations or conflicts of interest. My primary interest lies in promoting goodwill and positive outcomes for the American populace, aligned with my broader commitment to enhancing collective awareness.
This narrative serves as a brief invitation for you to embark on your intellectual journey through the pages of this remarkable, enlightening, and thought-provoking scholarly work.
Chapter 2: Meet Thomas Allen Moon
Thomas, a 77-year-old retired public finance attorney, possesses a wealth of knowledge that he eagerly shares with the next generation. Over his 40-year career, he navigated the complexities of the American tax system, adeptly handling tax preferences often referred to as loopholes.
After years of observing the widespread effects of legal tax avoidance on diverse communities, he has come to a profound conclusion. Thomas strongly believes that most tax preferences do more harm than good, threatening the future of our nation and undermining the foundations of the middle class.
The issue of legal tax avoidance, which has festered for over fifty years, has yielded few beneficial economic or political outcomes. Instead, it has widened the gulf between income and wealth and nurtured a culture where politicians prioritize personal interests over the public good.
Now, Thomas is on a mission. His book offers a fresh perspective on how capitalism can spur America’s economic growth while safeguarding and nurturing the middle class.
He is convinced that by understanding how tax preferences jeopardize their financial security, citizens will muster the courage to advocate for significant reforms that will secure their families' futures.
The first video, titled "Need for Speed Payback Deserved More Respect..." discusses underappreciated aspects of the game, paralleling the themes of recognition and value found in Moon’s arguments.
Section 2.1: A Review of "Payback"
In the face of sweeping social and economic changes that have rendered the United States unrecognizable to many, "Payback" stands out as a beacon of insight into the deeply rooted inequalities in the country's tax policies.
Authored by Thomas Allen Moon, this book critically examines the policies that once benefitted America in the 20th century but have now become outdated.
"Payback" zeroes in on two pivotal issues: the widening gap of income and wealth disparities and the escalating national debt that threatens to spiral out of control. These challenges endanger the very existence of the middle class, and Thomas's mission is to dissect their origins, consequences, and the myths that uphold them.
Despite having come close to joining the top 1% at various points in his career, Mr. Moon proudly identifies as a member of the middle class. His humble beginnings as a Sears stock boy and his journey through law school as an Air Force intelligence officer lend a unique perspective to his insights.
Now, after a distinguished four-decade career as a public finance attorney, he uses this complimentary book to share his extensive knowledge about the U.S. tax system.
Having begun as a vigilant watchdog with the SEC, Mr. Moon gained firsthand experience in how the wealthy and powerful exploit legal loopholes for personal gain.
In retirement, he feels a deep responsibility to repay America by educating others about the implications of tax policy for the nation’s future.
"Payback" thus functions as a clarion call for a more equitable tax system, bolstered by increased leadership from the affluent and deeper engagement from all citizens.
Mr. Moon argues that American society is evolving at a rate that exceeds citizens' ability to adapt. Meanwhile, tax policies continue to favor the elite, leaving the middle class increasingly behind.
Automation and globalization, two relentless economic forces, lie at the core of this issue. These dynamics, which have accelerated over the past two generations, have driven America’s national debt to unprecedented levels due to poorly conceived, debt-financed tax cuts.
This situation poses a severe threat to the nation’s most valuable asset: its middle class. According to Mr. Moon, the health of American society hinges on the optimism, growth, and prosperity of this demographic.
However, this foundation is eroding, rendering the middle class fragile, pessimistic, and economically disadvantaged.
Automation facilitates greater efficiency and reduces workforce needs, while globalization allows businesses to utilize the cheapest labor worldwide, enriching America at the cost of suppressing millions of workers' incomes.
Unchecked, these income and wealth disparities may lead America into a realm of class envy and divisive politics. Although the economy may offer numerous jobs, they increasingly lean towards low-wage, dead-end positions.
Few middle-class workers earn sufficient income to maintain their standard of living, plan for retirement and healthcare, and support their children's education.
Income growth for the middle class has stagnated, while the top 1% see their earnings swell. This growing divide breeds anxiety and resentment among workers, often misdirected towards different races or cultures, exacerbating social and political tensions.
Mr. Moon firmly believes that mere blame cannot resolve these issues. "Payback" outlines a long-term strategy for rescuing the middle class without stifling capitalism's growth potential.
It dismisses the idea of impeding automation and globalization, emphasizing that innovation and competition are vital for wealth generation. Instead, Mr. Moon argues for capitalism to thrive while urging capitalists to invest in the preservation and expansion of the middle class.
This proactive approach, he contends, benefits both capitalists and society as a whole.
Mr. Moon envisions middle-class investment through progressive taxation, enhanced social insurance for healthcare and education, the creation of non-profit sector jobs for workers struggling to find private or public employment, and the establishment of a living wage for full-time adult workers.
He compellingly challenges capitalists to consider the dire consequences of an America afflicted by a failing workforce, social unrest, and a fragmented political landscape.
Though substantial, these investments are minor compared to the risks posed by a demoralized, undereducated, and shrinking middle class.
Restructuring the tax system will undoubtedly require exceptional leadership and steadfast political will. Mr. Moon estimates that expanding social insurance and tackling the national debt will necessitate a significant tax increase, around 7% of GDP.
However, it's crucial to note that in 1981, the national debt was at 31% of GDP, while by 2023, it has ballooned to 123%.
Startled by these figures presented in his book, I donned my data scientist hat to analyze the US Debt to the Penny dataset, which provides daily updates on the total outstanding public debt. Let’s examine the trends between 2010 and 2022.
As global creditors may eventually demand debt reduction or higher interest rates, America’s status as a reliable credit in international markets depends on its readiness to substantially raise taxes.
The cornerstone of Mr. Moon’s proposal for progressive taxation starts with the elimination of tax preferences, commonly known as loopholes. These provisions, often inserted into tax laws by politicians catering to special interests, primarily benefit the wealthiest taxpayers.
"Payback" meticulously outlines how these tax preferences distort markets and compromise political integrity. It advocates for a more equitable and efficient taxation system, proposing the replacement of existing taxes, including personal income tax, corporate income tax, payroll tax, and estate tax, with a simplified personal income tax termed the Ameri-Share Tax.
This tax would apply uniform rates to all income, eliminate tax preferences, and exempt low-income taxpayers from taxation on any income below 125% of the poverty threshold.
The arguments within "Payback" debunk various myths, such as the notion that America is overtaxed, that high tax rates stifle economic growth, and that increased public investment harms job creation.
Instead, it outlines policies that can address the nation's future needs, preserve its middle-class society, and maintain its role as a global beacon of hope. For skeptics who might find these proposals politically implausible, "Payback" presents various crisis scenarios that could make these measures appear mild in comparison.
Ultimately, Mr. Moon's message is clear: "Don't take my word for it; read my book and reach your conclusions." The book, along with a video-based interview, is accessible at the Payback Project website.
The second video, "How to Create a Cash Flow Forecast using Microsoft Excel," offers practical advice on financial planning, reflecting the themes of empowerment and responsibility emphasized in Moon’s work.
Chapter 3: Concluding Thoughts
As you engage with "Payback," consider the power vested in you as U.S. citizens. This book is not merely a call to action; it serves as a blueprint for a brighter America.
Here is an enlightening and inspiring interview featuring Thomas Allen Moon conducted by Tony Robinson, President of Beacon Editorial.
I am honored to have the opportunity to showcase the recent contributions of Thomas Allen Moon in my publications on this platform without any monetization of his content. Since he has only 25 followers, his insights have gone largely unnoticed, but I am keen to amplify their significance.
Here are a few notable examples of his work:
- The Survival of the Middle Class Depends on Taxing Billionaires
- Does Work Feel Like a Treadmill to Nowhere? Blame The Iron Law of Wages
- An Open Letter to American Capitalists
- How the First Amendment Became a Threat to Democracy and How to Fix It
I hope you found this review informative. Please share this post widely so that more Americans can benefit from the decades of insights offered by this wise and altruistic individual.
Thank you for taking the time to read my reflections. I wish you a healthy and fulfilling life.
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