Posted on November 21, 2011 by dsalaborblogmoderator
By Jack Rasmus
The ‘Occupy Wall St.’ movement across the USA has raised the slogan of ‘We Are the 99%’ and the related ‘99% vs. the 1%’. Thus far the idea of taxing the rich has remained stated in general terms. For greater impact it must be further clarified, or else it will be misinterpreted and co-opted by politicians pushing false ideas while claiming to tax the rich but not really doing so—such as the recent proposals by Republican presidential candidate Cain’s phony 9-9-9 or even Obama’s ‘millionaires tax’. The following is an effort to suggest various measures to ‘tax the wealthiest 1%’ that represent true, progressive tax the rich proposals.
Tax Program #4.1: Professional Investors’ Tax Haven Repatriation Tax.
About $4 trillion today is held in offshore tax havens by US investors, individuals and institutions, in island nations like Cayman islands, Vanuatu, Seyschelles, Isle of Man, Cyprus, etc., and in more traditional havens like Switzerland, Lichtenstein, and so forth. The IRS has identified 27 of these, which it calls ‘special jurisdictions’. If just $2 trillion >of that $4 trillion was required to be re-deposited in US banks, those investors would have to pay the 35% top tax bracket personal income tax on the $2 trillion in the first year, raising about $700 billion. Future earnings on the remainder would also be taxed in the second to fifth years, yielding another $200 billion a year. Refusal to repatriate could result in a 10% penalty after 90 days, followed by similar penalties. Countries that refused to cooperate should have their US based assets frozen and then taxed until compliance.
Filed under: Economy | Tagged: 1 percent, Bush tax cuts, Income tax | Leave a Comment »
Posted on July 12, 2011 by dcampbell1
Washington, DC – On the heels of two months of dismal job growth, a panel of workers, economists and national leaders detailed solutions on how to deal with the jobs crisis at a forum on Monday at the AFL-CIO. Titled “The Jobs Crisis — Moving to Action: A Dialogue Between Workers and Policymakers,” the forum, moderated by Bob Herbert, drew a sharp contrast between the policies that got our country in this economic crisis and are currently being advocated to get it out, and what is needed in order to spark a real economic recovery.
“The most grievous of all of America’s wounds is its chronic, insidious unemployment,” stated Bob Herbert, Distinguished Fellow at Dēmos and moderator of today’s panel. “America as we’ve come to know it – a vibrant, prosperous nation with a vast and growing middle class – cannot survive if the current, tragic levels of joblessness and underemployment become the norm.”
“I want to see decent, safe jobs for all Americans. I don’t want a handout. I just want a fighting chance,” said unemployed Working America member Shonda Sheen, from Yellow Springs, Ohio. (more…)
Filed under: Conferences and Events, Economy, Organizing, Politics | Tagged: Barack Obama, Bob Herbert, Build America Bonds, Bush tax cuts, New York Times, Republican, United States, Washington D.C. | Leave a Comment »
Posted on June 10, 2011 by dsalaborblogmoderator
by Jack Rasmus
This month marks the tenth year anniversary of the first of George W. Bush’s three general tax cuts, passed between 2001-2003, which reduced taxes by a total of $3.4 trillion over the decade, 2001-2010. These general cuts were followed by a series of additional $1.1 trillion industry-specific tax cuts in 2004-2006 that, together with the 2001-2003 cuts, would raise the total Bush era tax cuts to approximately $4.5 trillion.
Various studies during the last decade estimated that 80% of the $3.4 trillion in general tax cuts–$2.7 trillion–were distributed to the top 20% richest households, and most of that to the wealthiest 1%. Thus, conservatively, together with the $1.1 trillion enacted specifically for businesses, a total of about $3.8 trillion in tax cut income were distributed to corporations, investors and the wealthiest households during the Bush years.
That $3.8 trillion is just about equal to the total growth under Bush in the federal government debt between 2000-2008. Bush entered office in 2001 with a federal debt of about $5.6 trillion and left it with approximately $9.5 trillion. The federal debt has since risen to $14.3 trillion, due to continuing costs of war and defense spending, falling tax revenues due to the current recession, direct bailouts, and the continuing negative impact of health care costs on Medicare and Medicaid. So where has all that $3.8 trillion in tax cut money gone, one might ask? To expand jobs? No. Today there are fewer jobs in the U.S. than there were when Bush came into office. Workers wages? No. Real wages are lower today than a decade ago. (more…)
Filed under: Economy | Tagged: Bush tax cuts, economic inequality, tax shelters | 2 Comments »