Citizens for Tax Justice (CTJ) favors the kind of revenue raisers that make sense to fund our country's decision to ensure that every American has decent health care. Not a new tax on health insurance premiums, not a regressive national sales tax or VAT. Not passing the burden to all the ordinary folks to pay for the continuation of the privatized health insurance that has resulted in the U.S. paying much more for less than our European counterparts.
Nope. None of that. Instead, after Main Street's bailing out of Wall Street from its binge of risky leverage (and hefty fees and bonuses), we should let Wall Street bail out Main Street. Tax capital gains a little more (at 28%, the rate that currently applies to collectibles gains); apply the Medicare tax to all income, with a rate increase of about 1% for upper-income taxpayers; eliminate the many other tax subsidies for Wall Street millionaires--including those for stock options and intangible assets; and reduce the tax incentives for investing offshore, like worldwide interest allocation and deductions on deferred foreign income.
Here's the report, with some good charts and numbers.
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