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

 

South Sudan: UN Agencies Reach More Than Half A Million

South Sudan: UN Agencies Reach More than Half a Million People with Life-Saving Aid More>>

Israeli Plans To Expand Its Illegal Settlement Enterprises

PLO Executive Committee member, Dr. Hanan Ashrawi, strongly denounced Israeli plans to expand its illegal settlement enterprise by approving the construction of 2,561 units in the settlement of Givat Hamatos. More>>

ALSO:

Ecuador: Villagers Plan To Seize Chevron's $106M Arbitral Award

QUITO, ECUADOR, Sep. 30 /CSRwire/ - In what could be a huge boost to their campaign to force Chevron to comply with a $9.5 billion environmental judgment in Ecuador, rainforest villagers plan to enforce a court order directing them to take possession ... More>>

World Grossly Ill-Prepared To Deal Ebola Outbreak

Leaders from Sierra Leone and Liberia, the two countries, along with Guinea at the frontlines of the battle against the unprecedented Ebola outbreak in West Africa, urged the General Assembly today ensure the United Nations mounted a stronger, better coordinated response “to end this grave threat to our collective survival.”More>>

ALSO:

  • Save The Children - Save the Children Builds Its First Ebola Treatment Centre


  • Israel’s Netanyahu Warns Against ‘Militant Islam’

    29 September 2014 – From the podium of the General Assembly today Israeli Prime Minister Benjamin Netanyahu warned the world of the grave threat he said it faced from militant Islam’s desire to dominate the planet, be they Sunni extremists or ... More>>

    Deputy PM of Syria Victims Of ISIL Brutality 'Waiting On Us To Act'

    As the Islamic State in Iraq and the Levant (ISIL) militant began carrying their slaughter in the Middle East, “they might have surprised many of the countries present here, but not…us,” the Deputy Prime Minister of Syria told the United Nations General Assembly, underscoring today that the time has come for the world to stand united and tackle the threat head-on.More>>

    Not A Single Child Untouched By Recent Gaza Conflict

    There is not a single child who has not been adversely affected by the recent conflict in Gaza, where children suffer from bedwetting, difficulties in sleeping, nightmares, a loss of appetite, and display more aggressive behaviour at school, an independent United Nations human rights expert said todayMore>>


    Ebola: UN Readies To Start Work As Death Toll Surpasses 3,000

    Ebola response: medical supplies, including protective equipment and essential medicine, are loaded onto trucks at the Lungi International Airport in Freetown, capital of Sierra Leone. Photo: UNICEF/Sulaiman Stephens More>>

    Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news