Rae Vogeler on Tax Reform

Bush tax cuts shifted taxes from wealthy to working families

Bush's tax cuts are the latest in an ongoing series of cuts that have dramatically shifted taxes off of the wealthy and onto the backs of working families:
• Corporations paid 33% of taxes in the 1940s but pay just 7% today.
• Capital gains taxes dropped from 28% in 1980 to 15% in 2004.
• Tax rates on dividends dropped from 70% in 1980 to 15% in 2004.
• Top estate tax rates dropped from 70% in 1980 to 48% in 2004.
• For those of us who work, payroll taxes have increased 25% since 1980.

Rescind tax cuts for families making over $200,000 a year

• Rescind the tax cuts for families making over $200,000 a year. They're doing well already. They don't need our help.
• Re-establish progressive taxation. Raise the income tax for higher income people and eliminate the tax for low wage workers.
• Raise corporate taxes. The corporate share of taxes has fallen from 33% in the 1940s to 7% today, while the individual share has risen. Corporations should once again pay their fair share.
• Eliminate offshore tax havens. U.S. corporations are evading payment of their taxes by banking abroad or locating their charters offshore.
• Implement tax policies that promote sustainability and social responsibility. Subsidies, export incentives, tax loopholes and tax shelters that benefit large corporations now amount to hundreds of billions of dollars each year.
• Re-establish the estate tax.

Supports progressive and fair taxation