Wed, 04/15/2009 - 8:00am - 9:00am
A conversation with economist Chuck Collins on restructuring tax codes to fuel economic recovery
If the most affluent 400 Americans as of 2006 had paid as much of their incomes in taxes as the top 400 did in 1955, the federal treasury would have collected an additional $35.9 billion more in revenue in 2006 just from these 400 ultra-rich individuals. Guest Chuck Collins (Locus Focus' official economist) co-authored a Tax Day report "Reversing the Great Tax Shift: Seven Steps to Finance Our Recovery Fairly,” which offers proposals that would raise $450 billion of revenue to support economic recovery.
Here are some of the reports modest proposals:
Introducing a modest financial transaction tax that will chill speculation and generate $100 billion a year.
Implementing an estate tax reform that taxes inheritances over $2 million at progressive rates.
Setting an emergency tax rate on extremely high incomes that would generate over $60 billion a year.
Eliminating the tax preference on capital gains and dividend income, generating $80 billion.
Closing overseas tax havens for individuals and corporations, generating $100 billion.
Scrapping $18 billion in tax breaks that subsidize excessive CEO compensation.
“By seriously taxing the top, as we did in the 1950s, we could raise the revenues we need to better invest in infrastructure, education, and retrofitting our energy system,” says Chuck Collins, an IPS senior scholar and co-author of the new IPS brief. “Appropriately targeted, higher taxes on the top would also serve to dampen the speculative frenzy that has cratered our economy.”
At 8:20 we're joined by journalist Reese Erlich, whose new book Dateline Havana: The Real Story of U.S. Policy and the Future of Cuba explores Cuba’s strained history with the United States and the power of the Cuba Lobby. We'll talk about Obama's new Cuba policy and what impact that may have on improving the relationship between our countries.
Reese Erlich is the author of The Iran Agenda: The Real Story of U.S. Policy and the Middle East Crisis and co-author of the best-selling Target Iraq: What the News Media Didn’t Tell You. He reports regularly for National Public Radio, Latino USA, Radio Deutche Welle, Australian Broadcasting Corp. Radio, and Canadian Broadcasting Corp. Radio. He also writes for the San Francisco Chronicle, St. Petersburg Times, and Dallas Morning News.