On July 24, three organizations, Global Financial Integrity, the Tax Justice Network, and Citizens for Tax Justice, briefed Congressional Hill staff on proposals to crack down on offshore tax abuses. Here is a summary of the remarks of CTJ director Robert McIntyre.
On July 24, three organizations, Global Financial Integrity, the Tax Justice Network, and Citizens for Tax Justice, briefed Congressional Hill staff on proposals to crack down on offshore tax abuses. Here are the complete materials from the briefing.
Very few small business owners would pay the surcharge included in the House health care reform legislation. Even for those few business owners rich enough to pay the surcharge, the incentives to create jobs would not change.
(State-by-State Figures in Appendix)
H.R. 3200, the new health care bill introduced in the U.S. House of Representatives, includes a graduated surcharge on families with incomes above $350,000 to finance health care reform. Under this proposal, the richest 1.3 percent of U.S. taxpayers would have an estimated total tax increase of $543 billion over ten years, which is considerably less than the amount this group received from the Bush tax cuts over the 2001-2010 period.
(State-by-State Figures in Appendix)
The Medicare payroll tax is the one important tax we already have that is dedicated to funding health care, but it completely exempts wealthy investors whose income takes the form of capital gains, stock dividends, interest and other types of investment income. Congress could change this and at the same time raise the revenue needed to finance health care reform.
(State-by-State Figures in Appendix)
Itemized deductions provide subsidies for certain activities (like buying a home or giving to charity) through the tax system. But they unfairly subsidize these activities at higher rates for wealthy families than they do for middle-income families. The President's proposal to reduce this unfairness would only impact 1.3 percent of taxpayers. Almost all of these taxpayers are among the very richest Americans.
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