/2020chronicle

How to generate trillions in revenue over a decade:

• $3 trillion: Enact a modest financial transaction tax: 0.5 percent on the purchase of stocks (0.25 percent for the buyer and the seller) and tax bonds and derivatives at lower rates.

• $1.7 trillion: Millionaires and billionaires pay a lower effective tax rate than working people. Rescind the Bush tax cuts for the top two percent; tax capital gains at the same rate as income (money making money is still income).

• $1 trillion: Crack down on offshore tax shelters.

• $580 billion: End tax breaks for companies that ship jobs overseas.

• $500 billion: Establish a currency manipulation fee on China and other countries. The Economic Policy Institute has estimated that it would create one million jobs.

• $300 billion: Establish a progressive estate tax on inherited wealth of more than $3.5 million.

• $110 billion: End tax breaks and subsidies for profitable oil, gas, and coal companies.

• Many corporations pay little or no tax. End tax loopholes, subsidies, bailouts, giveaways, and other corporate welfare.

• Creates new tax brackets for incomes over $3 million with a top tax rate of 40 percent.

• End the carried interest loophole for private equity and hedge fund managers.

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