The following is an excellent article from the February 1, 2015 issue of The Progressive Populist on page 5 titled “Dispatches: Dems Push Populist Tax Plans” and I quote:
“DEMS PUSH POPULIST TAX PLANS”
Congressional Democrats unveiled a new economic “action plan” to put a “Robin Hood” tax on Wall Street transactions and redistribute wealth from top earners to lower and middle classes (1/12).
The plan, introduced by Rep. Chris Van Hollen (D-Md.) with backing from House Minority Leader Nancy Pelosi (D-Calif.), places a 0.1% fee on financial transactions that would be rolled in with reductions in tax breaks for the top 1% of earners. The new taxes would reportedly add up to $1.2 tln over the next decade, which would fund a “paycheck bonus credit” of $2,000 a year for couples earning less than $200,000.
Other elements of Van Hollen’s proposal include incentivizing companies to raise worker pay by placing restrictions on tax treatment of executive salaries for companies that don’t also increase employees’ income, incentivizing worker training programs, nearly tripling the tax credit for child care and rewarding people who save at least $500 a year, Lauren McCauley noted at CommonDreams.org.
“This is a plan to help tackle the challenge of our times,” Van Hollen, a ranking member of the House Budget Committee, said during a speech at the Center for American Progress ahead of the official roll-out. “We want a growing economy that works for all Americans, not just the wealthy few.”
A day after Van Hollen unveiled his proposal, Sen. Sheldon Whitehouse (D-R.I.) released a “tax fairness plan” that would set a 30% minimum tax for people with multimillion-dollar incomes, regardless of credits and deductions they claim.
The bill has the support of a broad coalition of liberal and progressive senators, including Democratic Leader Harry Reid (D-Nev.), Tammy Baldwin (D-Wash.), Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.).
Also part of the Whitehouse plan is the “Offshoring Prevention Act,” which would end the ability of corporations to defer taxes on profits earned or sent overseas, eliminating an incentive to take such actions as moving production out of the country. Another bill in the Whitehouse package revives a proposal championed by former Sen. Carl Levin that would end the ability of corporations to avoid taxes by funneling profits through overseas subsidiaries.
The three measures would mean an additional $370 bln in additional federal revenue over the next 10 years. “This revenue could provide substantial resources for investments in infrastructure and education, or could serve as a fairer way to fund new Republican initiatives than cuts to benefits that people rely on,” notes a fact sheet produced by Whitehouse’s office.
It comes at the same time that Rep. Paul Ryan (R-Wis.) led his first hearing as chairman of the tax-writing House Ways and Means Committee, where he wasted no time signaling his intention of pushing the conservative agenda of cutting corporate taxes and promoting spending cuts.
(GREAT ARTICLE BUT YOU HAVE TO FIGURE OUT WHICH VERSION OF A TAX PROPOSAL CONGRESS SHOULD GEAR IN ON. AFTER READING IT, AT LEAST THE DEMOCRATS ARE MORE SERIOUS IN WORKING ON THE PROBLEMS OF HOW TO STOP THE GROWING GAP BETWEEN THE RICHEST 1 PERCENT AND THE 99 PERCENT WHICH HAS BEEN TAKING PLACE EVER SINCE THEY GOT RID OF PRESIDENT FRANKLIN ROOSEVELT’S METHOD OF TAXING ON ABILITY TO PAY. PRESIDENT ROOSEVELT HAD ABOUT TEN DIFFERENT BRACKETS AND TODAY IT WOULD BE FROM 10 PERCENT, STARTING AT ABOUT A $20,000 NET INCOME, WORKING UP THE BRACKETS TO 90 PERCENT FOR ANYONE MAKING OVER $1 MILLION A YEAR. THIS IS WHAT FRANKLIN ROOSEVELT, HARRY TRUMAN AND DWIGHT EISENHOWER DID FOR APPROXIMATELY 20 YEARS AND IT WORKED GREAT. I FAVOR THE PRESENT SENATE’S VIEW INTRODUCED BY SENATOR SHELDON WHITEHOUSE (D-R.I.) WHICH IS SUPPORTED BY THE FOLLOWING SENATORS, DEMOCRATIC LEADER HARRY REID (D-NEV), TAMMY BALDWIN (D-WI), BERNIE SANDERS (I-VT) AND ELIZABETH WARREN (D-MASS). THE HOUSE MAY HAVE SOME MERIT IN CLOSING THE TAX LOOPHOLES BY IMPLEMENTING A ROBIN HOOD TAX. HOPEFULLY, THE TWO GROUPS CAN GET TOGETHER AND HAVE SOMETHING PRESIDENT OBAMA WILL SUPPORT, EVEN THOUGH THE REPUBLICANS WILL OPPOSE HIM ON IT. AFTER ALL, THERE’S GOING TO BE A PRESIDENTIAL ELECTION IN 2016 AND IT WOULD MAKE AN EXCELLENT ISSUE FOR THE DEMOCRATS TO TALK ABOUT SINCE WE HAVE A GROWING INEQUALITY IN THIS COUNTRY. INEQUALITY IS CAUSING CIVIL WAR ALL OVER THE WORLD.
LaVern Isely, Progressive, Overtaxed, Independent, Middle Class Taxpayer and Public Citizen and AARP Members