Progressive Tax Reform

Our tax system is incredibly unjust, benefitting the super-rich and corporations over working people. Working-class people pay a disproportionate amount of their income in taxes while the wealthy benefit from tax cuts. As inequality has ballooned, with workers not seeing the fruits of record corporate profit, we must ensure corporations pay their fair share. We must eliminate loopholes and other tax exemptions that allow corporations to avoid their tax responsibility. Our tax policy should promote socially-responsible business and economic democracy. Our tax plan will not only dramatically increase our ability to fund necessary public services (without raising taxes for working/middle-class people) but it will promote equity and justice.

Our Tax Reform Plan:

• Institute a financial transaction tax on the sale of stocks at 0.5 percent, bonds at 0.1 percent, and other financial instruments at 0.005 percent.

• Close loopholes for offshore tax avoidance havens

• Implement marginal tax of all income over $5 million at 60 percent and over $10 million at 70 percent

• Enact a wealth tax of 2 percent on assets greater than $50 million and 3 percent on those greater than $1 billion

• Raise the capital gains tax

• Restore the estate tax

• Eliminate the contribution cap for Social Security

• End all subsidies for fossil fuel companies