Category Archives: Taxes

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Why Tax Cuts for the Rich Solve Nothing

Why Tax Cuts for the Rich Solve Nothing
Although America’s right-wing plutocrats may disagree about how to rank the country’s major problems – for example, inequality, slow growth, low productivity, opioid addiction, poor schools, and deteriorating infrastructure – the solution is always the same: lower taxes and deregulation, to “incentivize” investors and “free up” the economy. President Donald Trump is counting on this package to make America great again. It won’t, because it ... Read more

Seattle Makes History – Passes ‘Tax The Rich’ Income Tax

Seattle Makes History – Passes ‘Tax The Rich’ Income Tax
Above Photo: Kshama Sawant addresses a crowd of “tax the rich” supporters outside at a rally before the vote. “When we fight, we win” – Kshama Sawant Today, Seattle passed a “tax the rich” income tax by a vote of 9-0. The ordinance plans to tax those with a total income in excess of $250k (single) and $500k (joint filers) at 2.25%. Based on 2014 IRS data, the city estimates it will be able to raise approximately $125 million a year, while ... Read more

Financial Industry Split On Speculation Tax

Financial Industry Split On Speculation Tax
Above Photo: (Photo: Funny Solution Studio / Shutterstock) Wall Street lobbyists have the luxury, at least for now, of largely ignoring calls for a U.S. tax on financial speculation. While Senator Bernie Sanders made such a tax a centerpiece of his presidential bid, the Republicans who now control Washington are focused on delivering tax cuts — not increases — to their banker friends. But in Europe, it’s another story. Ten EU governments ... Read more

Traditional Welfare And Taxes Can Be Reformed To Support Universal Basic Income

Traditional Welfare And Taxes Can Be Reformed To Support Universal Basic Income
Above Photo: basic income by asher platts Some of the most common questions ever asked in regards to the idea of a universal basic income (UBI) are in regards to the details. “How much income? Who gets it? Who pays for it? How is it paid for? What does it replace?” These are all great and important questions, but the answers vary from person to person, because the answers are a matter of personal and political preferences when it comes to ... Read more

Seattle Mayor, 2 City Council Members Propose City Income Tax On The Rich

Seattle Mayor, 2 City Council Members Propose City Income Tax On The Rich
Above Photo: by Joe Raedle/Getty Images SEATTLE — Mayor Ed Murray and City Council members Kshama Sawant and Lisa Herbold on Monday proposed a new tax on high-income households. The proposal would place a 2 percent tax on joint filers’ income over $500,000 and single tax filers’ income over $250,000. They said the estimated $125 million in new annual revenue would allow the city to lower the burden associated with property taxes and other ... Read more

Massachusetts To Vote On Taxing The Wealthy

Massachusetts To Vote On Taxing The Wealthy
Above Photo: From massteacher.org The Massachusetts Legislature, meeting in a Constitutional Convention, has approved sending the proposed Fair Share Amendment to the November 2018 state ballot. The legislators’ vote of 134-55 on Wednesday, June 14, was the second by a Constitutional Convention on the measure, as is required for amendments to the Massachusetts Constitution. The citizens’ initiative would create an additional 4 percent tax on ... Read more