Ensure the Wealthy Pay Their Fair Share
End the Bush Tax Cuts for the Richest 2% of Americans
To get our nation back on track we need everyone to do their part, and that includes the wealthy. Americans don’t begrudge financial success – we admire it. But when the rich get special tax breaks they don’t need, somebody else has to make up the difference.
The large tax cuts enacted by the Bush administration in 2001 and 2003 lowered tax rates for all Americans – but especially for the rich. The average Bush tax cut for families making more than $1 million a year is about $143,000, while a typical middle-class family earning around $50,000 gets a tax cut of about $1,000.
The Bush tax cuts are set to expire at the end of 2012. If we end them for the richest 2 percent of Americans, those families making more than $250,000 a year, we can raise more than $1 trillion over the next decade so that we can afford the things that are important to us.
Americans who do well in America ought to do well by America. They need to pay their fair share.
Implement the Financial Speculation Tax
The financial crisis and the recession have left a massive hole in the US’s public finances. Jobs and and the community services we rely on are at risk in the US while many other developed and developing countries face a similar struggle.
But there is another way. Robin Hood supporters believe that banks, hedge funds and the rest of the financial sector should pay their fair share to clear up the mess they helped create.
Here’s how it works: Otherwise known as the Robin Hood Tax, this very small tax of less than ½ of 1% on Wall Street transactions would generate hundreds of billions of dollars each year in the US alone.
That money could provide funding for jobs to kickstart the economy and get America back on its feet. It could help save the social safety net and reduce the deficit at the same time. And it will come from fairer taxation of the financial sector.
Ensure Corporations Pay Their Fair Share of Taxes in Illinois
Illinois is starved for revenue, but fully 2/3 of corporations in Illinois pay no corporate income tax!
The state is not paying its bills on time and is cutting important state services, yet we don’t even know which corporations are getting away without paying their fair share.
IIRON supports SB 282, a bill that will require corporations to disclose revenue earned in Illinois and their tax liability before and after any deductions. This bill is a good-government measure that will help us have an informed debate about revenue sources.