Cap deductions for compensation and raise the tax rate to 70% for earnings over 2x the President's.

Currently almost all of the benefits of economic growth are going to the top 10% of earners. This is harming the economy because most workers aren't making enough to get by. More people benefitted from a strong middle class and we had better growth in the past when the tax law was structured to prevent the concentration of wealth we have now. My proposal is that we restore higher tax rates on the rich and put a cap on the deduction for compensation, including fringe benefits, stock options, bonuses etc. I chose the President's salary as the standard because he is arguably the most important person in the US. Robert Reich has made a good argument for fixing the imbalances and the tax law is an important way to do it.