We believe that tax policy decisions should be guided by simple principles:
- Adequacy. The federal tax system should raise sufficient revenue over time to meet our shared priorities and invest in our common future.
- Fairness. Tax preferences that overwhelmingly benefit the wealthy and corporations should be eliminated, and individuals and businesses should contribute their fair share of taxes, based on ability to pay.
- Responsibility. We should not saddle future generations with unsustainable levels of debt.
We will support revenue-raising proposals that are consistent with these principles in order to fund urgently needed priorities. Examples of the kinds of tax policies we support include 1
- raising revenues from upper-income households;
- assessing a significant tax on large estates; . reducing abuses among corporations and individuals who shelter income in offshore tax evasion or avoidance schemes;
- closing financial industry, oil and gas, and other inefficient corporate loopholes; and
- reducing tax preferences for unearned as opposed to earned income.
To rebuild and renew America, our nation must rededicate itself to promoting the common good. To that end, we must have an educated, healthy, and well-trained workforce. We need security from economic hardship, and investments in new technology and infrastructure. We can achieve these goals only by raising sufficient federal funds to support effective investments in these areas. We understand that powerful interests who have benefited the most from the tax policies of the last few years will oppose almost any proposal that raises revenues. But, at this point in our nation's history, we need leaders who are willing to put the public interest first.
[1] For more information about some of these policies, see Citizens for Tax Justice, President Obama's Proposals to Raise Revenue, May 15, 2009, at http://www.ctj.org/pdf/obamarevenueproposals.pdf; and Progressive Revenue Options to Fund Health Care Reform, May 21, 2009, at http://www.ctj.org/pdf/healthcarefinancing.pdf
