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OpEdNews Op Eds    H3'ed 9/27/15

Comprehensive Progressive Agenda & Wishlist Report

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Stop giving tax loopholes to companies that move profits and jobs offshore, beginning with taking out the Active Financing Exception and the CFC look-through rules, thus eliminating the http://schakowsky.house.gov/press-discharges/proclamation on-the-presentation of-the-corporate-charge reasonableness act">"deferral," as proposed by Sen. Bernie Sanders and Rep. Jan Schakowsky. Corporations would pay taxes on their incomes the year it is earned, as opposed to uncertainly avoiding paying applicable U.S. taxes. This would likewise eliminate incentives to move U.S. incomes to tax-free safe havens, and it would raise $600 billion more than 10 years.

Congress should additionally pass the Stop Tax Haven Abuse Act (S. 1533), presented in 2013 by Sen. Carl Levin (D-MI). The bill would close large portions of the loopholes that make it alluring for companies to conceal profits abroad. If the bill is passed into law it would raise $220 billion more than 10 years.

  • 23. Financial transaction tax

    Implement financial transaction tax. Also called https://en.wikipedia.org/wiki/Financial_transaction_tax"> Tobin Tax, it's a straightforward change that would rule in a crazy money machine, create employments, generate billions of revenue, and potentially counteract another monetary crisis in the future. A .5% speculation fee will be charged on investment houses, hedge funds, and other stock trades. Additionally, a .1% fee will be charged on bonds, and a .005% fee will be charged on derivatives. Many economists like Joseph Stiglitz and Paul Krugman and extremely rich people like Warren Buffett and Bill Gates support it. Surveys demonstrate the larger part of Americans support it as well. Implementing this tax could generate billions of dollars a year for, say, climate change mitigation or for tuition-free community college, while limiting Wall Street speculators.

  • 24. Carried Interest Loophole

    In a recent http://www.huffingtonpost.com/bill-de-blasio/now is the right time to-close-the-conveyed premium loophole_b_8116860.html">article, Mayor Bill de Blasio of New York wrote that in 2014, due to carried interest tax loophole, the leading 25 hedge fund managers earned more than 150,000 of kindergarten teachers in America combined.

    https://en.wikipedia.org/wiki/Taxation_of_private_equity_and_hedge_funds">Private-equity firms (which purchase, put resources into, help oversee and inevitably sell companies) and hedge funds are controlled by managers on behalf of outside speculators. At the point when benefits from a company's ventures are dispensed, they are ordinarily dispersed by investors's stake. What's more, as a rule they get 20 percent of the revenues as an performance-based reward, "carried" for a considerable length of time at once. In the event that the partnership earns a capital gain, the administrator reports his share (commonly referred to as a "carried interest") as long-term capital gain income. Ordinary pay is taxed at marginal rates up to 35 percent (39.6 percent after 2012) while income from capital gain is taxed at rates up to 15 percent (20 percent after 2012). President Obama and other critics of the provision say the entire carried interest is basically a management income instead of investment profits from a proprietorship stake, and ought to be taxed like regular salaries.

    Under the president's budget http://taxpolicycenter.org/taxtopics/Tax-Carried-Interest-as-Ordinary-Income.cfm">proposal, an partner's share of gain from a equity partnership would be saddled with self-employment taxes. If a partner sells his share, the gain would be taxed as customary pay, not as a capital gain. The proposal estimates that the rule would raise $14.8 billion through 2021.

    In the Congress, to address this issue, U.S. Representative Sander M. Levin (D-MI) introduced https://www.congress.gov/bill/110th-congress/house-bill/2834">H.R. 2834 110th Congress (2007-2008) bill on June 22, 2007, which would eliminate the ability the hedge fund managers of partnerships to receive capital-gains tax treatment on their income. On April 2, 2009, Congressman Levin introduced another and substantially revised version of the carried interest legislation as H.R. https://www.congress.gov/bill/112th-congress/house-bill/4016">1935.

  • 25. https://en.wikipedia.org/wiki/Voter_suppression">Voter Suppression

    Since 2013, after the Supreme Court's decision that gutted the http://www.motherjones.com/politics/2014/04/republican-voting-rights-supreme-court-id">Voting Rights Act, states all over the nation have been passing measures that make it increasingly hard for Americans -- especially the powerless African-Americans, the elderly, the young and individuals with handicaps -- to practice their principal right to cast a vote. These measures incorporate requiring an official personal ID to vote and proof of citizenship to register, curtailing early voting, wiping out election day registration, new restrictions on voter enrollment drives and extra barriers to voting directed against individuals with criminal convictions.

    It is about time to pass the https://www.congress.gov/bill/114th-congress/house-bill/2867">Voting Rights Advancement Act of 2015 (H.R.2867 -- 114th Congress (2015-2016)), with Senator http://www.thenation.com/article/restoring-the-voting-rights-act-now-has-bipartisan-support/">Lisa Murkowski of Alaska becoming the first Republican to cosponsor the bill. The bill compels states with well-documented history of recent voting bias to clear future voting changes with the central government, requires federal approval for voter ID laws, and outlaws new GOP-led efforts to suppress the growing poor and minority votes.

    26. War on Drugs

    End the https://en.wikipedia.org/wiki/War_on_Drugs">War on Drugs. It is the ideal time for sensible approaches to regulate drug use, legal or not, through the expanding knowledge in science and sympathy instead of tired political hysteria and fear-mongering. Drug prohibition has done essentially nothing to reduce drug supply or rates of addiction. Most drugs should be legalized it, regulated it, taxed it and the proceeds be used to fund substance abuse treatments.

    The war on drugs has been continuing since 1960s, cynically used by the Republicans as part of Richard Nixon's https://en.wikipedia.org/wiki/Southern_strategy">Southern Strategy that was intended for restoring the planter-class in its newer corporate form. The strategy was to change the solid (Democratic, White Supremacist) South into strong Republican region, and to go along with it politically with retrograde Republican areas in the Midwest and mountain states. As a part of achieving it, it was an electoral movement albeit losing one directed against poor and racial minorities who were supposedly "causing" crime, through efficiently making hidden (and regularly not really hidden) supremacist appeals to white voters, who were disaffected with liberal democratic racial and welfare policies and also frightened by crime and urban riots, that was then easily focused onto the "pathology" of black families. This was calculated to be used as a way of discrediting of the philosophy of racial equality that upset the Jim Crow social order, that supposedly had contributed to this pathology. The carceral state actually came as a backlash against the civil-rights advances where politicians of both parties turned to incarceration to assuage white anxieties and preserve racial control.

    Daniel Patrick Moynihan, then an adviser to President Nixon, released in 1965 his report http://www.blackpast.org/primary/moynihan-report-1965">"The Negro Family: The Case for National Action", which was riddled with broad mentions of "matriarchy"; "super-predators", "bio-underclass", and that "the Negro lower class would appear to be unusually self-damaging." He believed that these characteristics went far toward explaining the African American group's relative destitution and criminality. He claims especially that black criminality results from dominant black mothers and absent black fathers. He wrote,

    "In essence, the Negro community has been forced into a matriarchal structure which, because it is so out of line with the rest of the American society, seriously retards the progress of the group as a whole, and imposes a crushing burden on the Negro male and, in consequence, on a great many Negro women as well."

    And as commentator https://en.wikipedia.org/wiki/Stan_Greenberg">Stanley Greenberg, then a political researcher and now a main Democratic strategist, found in his classic 1985 study of Macomb County, Michigan, the whole marvel of the strategy that led to great exodus from the Democratic party was based on racial hatred: "These white Democratic defectors express a profound distaste for blacks, a sentiment that pervades almost everything they think about government and politics", he says, "Blacks constitute the explanation for their vulnerability and for almost everything that has gone wrong in their lives; not being black is what constitutes being middle class; not living with blacks is what makes a neighborhood a decent place to live."

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    I am an accounting instructor in Iowa. As a progressive, my mentor was the late Sen Paul Wellstone of Minnesota. I worked for him in all his campaigns since 1992 until his death in a plane crash in 2002. In all regards, he was a constant (more...)
     

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