Working people stopped an effort to rip health care away from tens of millions of Americans to give tax breaks to the rich and powerful. Now Republican leaders are set to pursue another massive transfer of wealth from workers to Wall Street, this time under the guise of tax reform. The New York Times editorial board describes their proposals as “little more than the same deep cuts for corporations and wealthy individuals that they’ve always wanted.” That description is spot on, and why the AFL-CIO has put forward a plan for real tax reform.
Message of the Day—Tax Reform the Right Way
As Congress shifts its focus to taxes, the AFL-CIO has a simple framework for what serious reform should look like:
- Big corporations and the wealthy must pay their fair share;
- Reform must raise significantly more revenue;
- Reform must eliminate the tax incentive for corporations to shift jobs and profits offshore; and
- Global corporations must pay what they owe on past profits held offshore.
Kitchen Table Economics
$185 billion over 10 years: The estimated revenue from a financial transactions tax, enough to finance prekindergarten for 3- and 4-year olds, with money left over.