Implement a Financial Speculation Tax
This tax, less than one percent, would tax short term and often speculative activity- the sort of thing that helped create the crisis- and generate billions of dollars of revenue. For ordinary investors, the cost would barely be noticeable, but for Wall Street traders’ activities, it is estimated that such a tax could generate up to $150 billion a year
Fairness in Taxation
Not in our nation’s history since before the New Deal have those with the most contributed the least. During the Eisenhower and Kennedy administrations at the heart of America’s greatest economic boom, marginal tax rates were 90% on the wealthiest among us. The marginal tax rates must be raised across the board and tax avoidance like the “carried interest” or “hedge-fund managers’” loophole must be closed.
Let the Bush Tax cuts expire
Over $700 billion dollars in revenue would be generated in the next ten years by allowing these tax cuts to run their course. Income growth over the last thirty years has largely been captured by the top one percent of earners. Tax cuts for the wealthy, as demonstrated above, do not make their way into the economy as a whole and do not create jobs. Everyday people, Wall Street, Big Banks and the wealthy must all pay their fair share for our economic recovery.