To address our nation’s economic crisis and maintain our nation’s fiscal health, we desperately need new sources of federal revenue. Without additional federal financial resources, we as a nation will either have to shortchange long-overdue investments in infrastructure, health, energy, and economic opportunity or leave an unsustainable debt to generations ahead.
The Institute for Policy Studies has identified a package of practical and politically viable policies that could raise the revenues we need.
The report details seven proposals to increase revenue:
• Introducing a modest financial transaction tax that will chill speculation and generate $100 billion a year.
• Implementing an estate tax reform that taxes inheritances over $2 million at progressive rates.
• Setting an emergency tax rate on extremely high incomes that would generate over $60 billion a year.
• Eliminating the tax preference on capital gains and dividend income, generating $95 billion.
• Closing overseas tax havens for individuals and corporations, generating $100 billion.
• Scrapping $18 billion in tax breaks that subsidize excessive CEO compensation.