- Repeal tax breaks for households with annual incomes over $250,000: $43 billion per year.
Tax financial transactions: $100 billion per year.
- Eliminate the tax preference for capital gains and dividends: $80 billion per year.
- Levy a progressive estate tax on large fortunes: $40-60 billion per year.
- Establish a new higher tax rate on extremely high incomes: $60-70 billion
- End overseas tax havens: $100 billion per year.
- Eliminate subsidies for excessive executive compensation: $18 billion per year.
Raising taxes on the wealthy and directing those funds to job growth in our states is the most effective tool policy leaders have to address the current economic crisis. Despite the argument put forth by some politicians that tax cuts for the rich will "trickle down" to everyone else, the reality is that they don't. In fact, the best way to help low- and moderate-income families is to do so directly through state spending programs that fund jobs and provide services. This is not just because it improves the lives of those families, but because it drives broader economic growth as well.
Progressive taxation advocates are hopeful that more states across the nation, and particularly in the South, will join the movement and take up the call for a fairer tax code as a way to promote economic recovery.