12 April 2011

IPS: some simple revenue reforms we desperately need

The Institute for Policy Studies report linked to in the post below (and here), contains a simple set of revenue reforms that all Progressives need to get behind:

These five tax revenue reforms could raise a total of as much as $4 trillion over the next decade:
  • Establish several higher income tax brackets for millionaires: $60–80 billion a year
  • Scrap overseas corporate tax havens: $100 billion a year
  • Introduce a modest financial transaction tax: $150 billion a year
  • Revamp the estate tax to include progressive rates: $25 billion a year 
  • End preferential treatment for dividends and capital gains: $88 billion  
I would add to this, removal of the income cap for FICA and Medicare taxes, which would make these programs more fiscally sound over time as well.

There simply is no substitute for revenue-side redress of the government's financial problems, and Democrats need to step up to the mike and say so.

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