TruthOut10
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- Dec 3, 2012
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Plenty of New Revenue Can Be Achieved Through Tax Reform
During deficit reduction negotiations in 2011, Speaker Boehner (R-OH) proposed finding hundreds of billions of dollars in revenues through closing loopholes, ending giveaways and limiting the deductions found in the tax code. Boehner and numerous other Republicans floated this same idea during the most recent set of deficit reduction and tax negotiations.
Boehner also indicated that he would consider a deal that was 1:1, spending cuts: revenues balanced.
We agree on both points.
We succeeded in raising tax rates on the wealthy in the most recent stage of deficit reduction, which was a very significant step in the right direction. But we still need more revenue in order to make the total deficit reduction package more balanced so we reduce the deficit, protect vital programs, and still leave room for important investments. Heres where we can find that needed revenue $1 TRILLION worth:
$523 BILLION: Limit extra deductions enjoyed by top-bracket taxpayers
$168 BILLION: Close international tax loopholes and incentives to move jobs overseas
$140 BILLION: Eliminate write-offs for corporate meals and entertainment
$70 BILLION: End special tax breaks for inventory
$25 BILLION: End special oil, coal, and gas tax breaks
$21 BILLION: Close the carried interest loophole for hedge fund and private equity managers
$11 BILLION: Eliminate the John Edwards-Newt Gingrich S Corporation loophole
$10 BILLION: Deny mortgage deduction for vacation homes and yachts
$3 BILLION: Eliminate corporate jet loophole
$3 BILLION: Close tax loophole for derivatives traders
$126 MILLION: Eliminate special write-offs for horse breeders (the Bluegrass Boondoggle)
Show Me The Money | ThinkProgress
During deficit reduction negotiations in 2011, Speaker Boehner (R-OH) proposed finding hundreds of billions of dollars in revenues through closing loopholes, ending giveaways and limiting the deductions found in the tax code. Boehner and numerous other Republicans floated this same idea during the most recent set of deficit reduction and tax negotiations.
Boehner also indicated that he would consider a deal that was 1:1, spending cuts: revenues balanced.
We agree on both points.
We succeeded in raising tax rates on the wealthy in the most recent stage of deficit reduction, which was a very significant step in the right direction. But we still need more revenue in order to make the total deficit reduction package more balanced so we reduce the deficit, protect vital programs, and still leave room for important investments. Heres where we can find that needed revenue $1 TRILLION worth:
$523 BILLION: Limit extra deductions enjoyed by top-bracket taxpayers
$168 BILLION: Close international tax loopholes and incentives to move jobs overseas
$140 BILLION: Eliminate write-offs for corporate meals and entertainment
$70 BILLION: End special tax breaks for inventory
$25 BILLION: End special oil, coal, and gas tax breaks
$21 BILLION: Close the carried interest loophole for hedge fund and private equity managers
$11 BILLION: Eliminate the John Edwards-Newt Gingrich S Corporation loophole
$10 BILLION: Deny mortgage deduction for vacation homes and yachts
$3 BILLION: Eliminate corporate jet loophole
$3 BILLION: Close tax loophole for derivatives traders
$126 MILLION: Eliminate special write-offs for horse breeders (the Bluegrass Boondoggle)
Show Me The Money | ThinkProgress
