Book Review
Payback: Why the Top 1% Must Invest in the Rest and How It Can Renew America
My story of an unlikely connection bridging continents through a common cause
On this beautiful yet problematic planet, where geographical boundaries seem insurmountable, serendipity sometimes unites souls from far-flung corners. Such was the serendipitous encounter that led me to cross paths with Thomas Allen Moon retired attorney, and his daughter, Anna M. Clark a strategist and book author.
Hailing from the sun-kissed shores of Australia, I devoted my life to pursuing science and technology, while Thomas, residing in the heartland of the United States, dedicated his to law, justice, and economy.
As you might imagine, our backgrounds, professions, cultures, and personal narratives stand worlds apart. Yet, beneath these apparent differences lies a profound commonality.
In this short story, I intend to delve into one shared thread that binds us together — a riveting exploration of Mr Moon’s remarkable book.
I typically limit my book reviews to those within my discipline, but this one is an exception due to its profound implications for the future of US citizens.
This unique work, born in the American context, offers invaluable insights into the intricate tapestry of the U.S. political system, its inner workings, and the potential for its principles to resonate across borders.
I want to make one thing clear. This review is not a praise, endorsement, or memorial for Mr. Moon or his book. There is no affiliation as the book is free of charge and available to the public as a giveback activity.
You can either read it directly via this link on your browser or download it to read in your favorite PDF reader. You may also check his free essays.
Instead, I want to highlight Mr. Moon’s earnest endeavor to shed light on the possibilities within the American political framework — opportunities that have the transformative potential to empower citizens not only in the U.S. but also in diverse nations worldwide.
I maintain a neutral and impartial stance in relation to American politics, devoid of any affiliations or conflicts of interest. My sole vested interest lies in fostering goodwill and constructive outcomes for American citizens, aligning with my overarching commitment to advancing collective consciousness
I will keep this story succinct, serving as an invitation for you to start your intellectual journey through the pages of this outstanding, illuminating, and thought-provoking scholarly creation.
A Brief Background of Thomas Allen Moon
Thomas, a 77-year-old retired public finance attorney, has a wealth of knowledge with the next generation. Over his 40-year career, he delved into the intricacies of the American tax system, expertly navigating tax preferences, often known as loopholes.
After years of witnessing the far-reaching effects of legal tax avoidance on people from all walks of life, he has arrived at a profound realization.
Thomas firmly believes that the vast majority of tax preferences are doing more harm than good, jeopardizing our nation’s future and eroding the foundations of the middle class.
The issue of legal tax avoidance, which has been brewing for over half a century, has yielded few positive economic or political outcomes.
Instead, it has exacerbated the gaping disparities in income and wealth and fostered a culture where politicians prioritize personal gain over the public interest.
Now, Thomas is on a mission. His book represents a fresh perspective on how capitalism can drive America’s economic growth while safeguarding and nurturing the middle class.
He is convinced that by understanding how tax preferences threaten their economic well-being, enough citizens will gather the courage and determination to advocate for transformative changes, securing their families’ futures.
Review of Payback
In the midst of sweeping social and economic transformations that have rendered the United States unrecognizable to many, “Payback” emerges as a beacon of insight into the profoundly ingrained inequities within the country’s tax policies.
This book, authored by Mr. Thomas Allen Moon, casts a discerning eye on the policies that once served America well in the 20th century but have now grown outdated and calls for their replacement.
“Payback” focuses squarely on two critical issues: the widening chasm of income and wealth disparities and the soaring national debt that threatens to spiral out of control.
These challenges imperil the very essence of the middle class, and Thomas’s mission is to dissect their origins, repercussions, and the myths that sustain them.
Mr. Moon, who has come close to ascending to the top 1% at various points in his career, identifies himself proudly as a member of the middle class.
His humble beginnings as a Sears stock boy and subsequent journey through law school as an Air Force intelligence officer illuminate his unique perspective.
Now, after a distinguished 40-year career as a public finance attorney, he shares his wealth of knowledge about the U.S. tax system through this complimentary book.
Having begun his career as a vigilant watchdog with the SEC, Mr. Moon gained firsthand exposure to the myriad ways in which the wealthy and influential have exploited legal, albeit unethical, loopholes to serve their own interests.
Many of the tax arrangements he crafted as a municipal bond attorney overwhelmingly favored corporate clients and the affluent.
In his retirement, he considers it his solemn duty to repay America by enlightening others about the ramifications of tax policy for the nation’s future.
“Payback” thus serves as a clarion call for a more equitable tax system, underpinned by increased leadership from the wealthiest and deeper engagement from the rest.
Mr. Moon’s central argument posits that American society is evolving at a pace that outstrips its citizens’ ability to adapt. At the same time, tax policy continues to favor the elite, leaving the middle class to lag further behind.
Automation and globalization, two relentless economic forces, lie at the heart of this issue. These forces, which have accelerated over the past two generations, have propelled America’s national debt to unprecedented heights due to ill-conceived, debt-financed tax cuts.
This poses a severe threat to the nation’s most valuable asset: its middle class. As Mr. Moon contends, the vitality of American society rests upon the optimism, growth, and prosperity of the middle class.
However, this bedrock has eroded, rendering the middle class fragile, pessimistic, and economically disadvantaged.
Automation, facilitating greater efficiency and reduced workforce needs, and globalization, which allows businesses to tap into the cheapest labor worldwide, have indeed enriched America but at the cost of suppressing the income of millions of workers.
Unchecked, these disparities in income and wealth may push America into a realm of class envy and divisive politics. While the economy may offer plenty of jobs, they increasingly skew towards low-wage, dead-end positions.
Few middle-class workers now earn enough to sustain their standard of living, provide for retirement and healthcare, and fund their children’s higher education.
Income growth for middle-class workers has stagnated, while the top 1% see their earnings soar. This growing disparity fosters anxiety and resentment among workers, sometimes directing blame toward different races or cultures, exacerbating social and political divisions.
Mr. Moon firmly believes that blame alone cannot address these issues. “Payback” presents a long-term strategy for saving the middle class without stifling capitalism’s potential for growth.
It dispels the notion of impeding automation and globalization, emphasizing that innovation and competition are the engines of wealth creation.
Instead, Mr. Moon advocates for capitalism to flourish while requiring capitalists to invest in preserving and expanding the middle class. This proactive approach, he argues, benefits both capitalists and the wider population.
Mr. Moon’s vision for middle-class investment includes progressive taxation, expanded social insurance to provide healthcare and education, the creation of non-profit sector jobs for workers unable to secure private or public sector employment, and the establishment of a living wage for full-time adult workers.
He compellingly challenges capitalists to consider the consequences of an America plagued by a failing workforce, social disharmony, and a fractured political landscape.
The investments, though substantial, pale in comparison to the risks of a demoralized, undereducated, and dwindling middle class.
Undoubtedly, reshaping the tax structure will demand exceptional leadership and unwavering political will.
Mr. Moon estimates that expanding social insurance and addressing the national debt will require a significant tax increase, approximately 7% of GDP.
However, it’s worth noting that in 1981, the national debt stood at 31% of GDP, whereas in 2023, it has ballooned to 123%.
Taken aback by these statistics presented in his book, wearing my data scientist hat, I delved into the US Debt to the Penny dataset, a valuable source offering daily updates on the total outstanding public debt. Let’s take a broader view of the situation between 2010 and 2022.
As global creditors may eventually demand debt reduction or higher interest rates, America’s status as a secure credit in international markets hinges on its willingness to raise taxes substantially.
The cornerstone of Mr. Moon’s proposal for progressive taxation begins with the elimination of tax preferences, often referred to as loopholes.
These provisions, often inserted into tax laws by politicians catering to special interest groups, primarily benefit the wealthiest taxpayers. “Payback” meticulously details how these tax preferences not only distort markets but also corrupt politics.
In advocating for a fairer and more efficient taxation system, “Payback” suggests replacing existing taxes, including the personal income tax, corporate income tax, payroll tax, and estate tax, with a simplified personal income tax known as the Ameri-Share Tax.
This tax would apply the same rates to all income, eliminate tax preferences, and exempt low-income taxpayers from taxation on any income below 125% of poverty level income.
The arguments within “Payback” dispel several myths, including the belief that America is overtaxed, that high tax rates stifle economic growth and that increased public investments harm job creation.
Instead, it outlines policies that can address the nation’s future needs, preserve its middle-class society, and uphold its role as a global beacon of hope.
For those who may find these proposals politically implausible, “Payback” lays out various crisis scenarios that could make these measures seem modest 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.
As you read the pages of “Payback,” as US citizens, consider the power in your hands. This book is not just a call to action; it’s a blueprint for a better America.
Here is an educative and inspiring interview with Thomas Allen Moon by Tony Robinson, President of Beacon Editorial.
Meet Thomas Allen Moon on ILLUMINATION
I am honored and privileged to see the recent contributions of Thomas Allen Moon to my publications on this platform without monetizing his content. Since he has only 25 followers, his stories received very low visibility, but I’d like to amplify their value. Here are a few samples.
The Survival of the Middle Class Depends on Taxing Billionaires
Does Work Feel Like a Treadmill to Nowhere? Blame The Iron Law of Wages
How the First Amendment Became a Threat to Democracy and How to Fix It
I hope you enjoyed this review. Please share this post with others so that many Americans benefit from decades of insights from this wise and altruistic person.
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