In January 2009, we began a listening project to elicit feedback on seven policy proposals. We sought out people who would pay higher taxes under these policies and support progressive tax reform. Since then, we have received input from more than 50 business leaders and individuals with high incomes and wealth through interviews, surveys, focus groups, and workshops.
Wealth for the Common Good is considering policies that would:
1. End tax breaks for households with incomes over $235,000.
2. Close overseas tax havens.
3. Tax financial speculation.
4. Create an additional top tax bracket for higher incomes.
5. Eliminate the tax preference for capital gains and dividends.
6. Levy a progressive estate tax on large fortunes.
These policies, taken together, have the capacity to collect over $450 billion in revenue from those with the greatest capacity to pay; discourage financial speculation; strengthen the overall economy and introduce greater transparency, fairness, and simplicity to the tax code.
“It is fundamental to our American values that we have a strong meritocracy which provides equality of opportunity to all Americans. Our current tax structure is regressive and unfairly burdens those in the middle and bottom tiers. Ensuring that everyone has an opportunity to be successful and pursue their dreams means ensuring that each and every American contributes appropriately to the nation’s well-being.”
–Todd B. Achilles, Managing Member, Balius Ventures LLC
“I want to share what I have so that others may also enjoy good health and well-being. It’s a matter of basic caring and fairness for all Americans.”
–Arwen Bird, Anti-violence Advocate
“I know a robust estate tax should be preserved because there is no twenty-five year old who needs to inherit millions of dollars. Quite the contrary, I’d much rather have inherited a society where the government has enough revenue to provide health care for children.”
–David Krakow, Teacher
The people we spoke with see an increased urgency for– and opportunities for– tax reform because of the economic downturn. Interviewees talked about progressive tax reform in relation to tax fairness, fiscal responsibility, revenue needs, and accountability. Resistances to paying higher taxes include military spending and interest on federal debt. Other major concerns include accountability and efficiency of the federal government — people are concerned about how their tax dollars will be spent. However, there is strong interest among the business leaders and wealthy individuals we spoke with to get involved in a tax fairness campaign by signing petitions, speaking to the media and elected officials, and reaching out to their peers.
You can still get involved in the Listening Project:
Share your feedback by contacting Alison Goldberg at alison@wealthforcommongood.org or completing the online survey. Read the policy report.