World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Obama Leadership Essential to Winning New Revenue

Obama Leadership Essential to Winning New Revenue

REPORT: Unnecessary Austerity: Identifies $400 billion in Revenue from Reversing Tax Cuts to Wealthy and Tax Dodging Corporations
LINK: http://www.ips-dc.org/reports/unnecessary_austerity_unnecessary_government_shutdown

"The President's statement today was a welcome step in breaking the silence about revenue in the current budget and deficit debate," said Chuck Collins, co-author of a new report, Unnecessary Austerity. "Before we face another round of budget cuts that undermine the American Dream, U.S. millionaires and corporations like General Electric should pay their fair share."

"Unnecessary Austerity," a new Institute for Policy Studies report examines how Congress could raise more than $4 trillion in revenue over the next decade by reversing years of tax giveaways to the richest Americans and largest corporations.

"When President Obama was born in 1961, families with more than a million dollars of annual income paid 48% of their income in federal income taxes," said Scott Klinger, report co-author. "This year, they will pay just 23%. We need the president to stand tall."

The report examines massive shifts in the tax code since 1961. For example, if corporations and households amassing $1 million or more in income each year paid taxes at the same rates as they did in 1961, the Treasury would collect an additional $716 billion a year - $7 trillion over a decade.

The report prescribes eight new potential revenue sources. Taken together, they would boost revenue by $4 trillion over the next decade. These include:

* Closing overseas tax havens ($90-100 billion)
* Adding new tax brackets for households with more than $1 million ($60-80 billion) in annual income
* Instituting a modest financial transaction tax ($150 billion)

America's increasingly concentrated income and wealth, coupled with historically low effective tax rates on the richest households, are fueling the deficit, according to this new report.

For example, if U.S. corporations were taxed at the same effective rate that they paid in 1961, the additional tax revenue would total $485 billion.

Institute for Policy Studies (IPS-DC.org) is a community of public scholars and organizers linking peace, justice, and the environment in the U.S. and globally.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Mexico: Disappearances Reach Record Number This Year

The National Registry of Missing Persons acknowledges that from 2007 to date, there are 23,605 cases of disappeared persons; 40% have been reported during the current administration of President Enrique Peña Nieto. More>>

Ban To Take Up Fight Against Ebola With All UN Organisations

Street sellers at Waterside market in central Monrovia, where there has seen a huge drop in customers over the past months due to the onset of the Ebola Virus Disease. Photo: UNDP/Carly Learson (20 November 2014) More>>

ALSO:

Darfur: UN-Backed Event Promotes Role Of Women In Peace

Darfur: amid mass rape allegations, UN-backed event promotes role of women in peace processes More>>

Ebola Cases No Longer Rising In Guinea And Liberia

In Conakry, Guinea, a mobilizer teaches children about proper handwashing techniques, which help prevent the spread of diseases, including Ebola. Photo: UNICEF/Timothy La Rose More>>

ALSO:

UN: Alleged Mass Rape In North Darfur

UNAMID commanders from Rwanda and Ethiopia exhange duties in Tabit, North Darfur, to escort a convoy of World Food Programme (WFP) trucks travelling from El Fasher to Shangil Tobaya. Photo: UNAMID/Albert González Farran More>>


Illegal Fishermen Encroach On World’s Most Isolated Tribe

Due to their isolation the Sentinelese of India's Andaman Islands are the most vulnerable society on the planet. They face increasing threats from illegal fishermen who are targeting their waters. More>>

World War: Nearly 1,000 Dead Amid Shaky Ukraine Ceasefire

In latest report, UN rights office says nearly 1,000 dead amid shaky Ukraine ceasefire More>>

ALSO:

Palestinian Activists Cross Apartheid Wall

Friday morning around 50 Palestinian and international activists used makeshift bridges to cross the Apartheid wall between Qalandiya and Northern Jerusalem. This non-violent direct action was in response to the restrictions Israel had placed on Palestinian ... More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news