Biden tax proposals too soft...

[Hoyt]

1. What we need to do -- but no politician will -- is tell folks that everyone but those at the lowest

income levels need to get ready for tax increases.

The current plan to increase the Capital Gains tax will raise about $12 Billion a year. That's less than two days of the CBO's currently projected deficit. Before CV19, it was roughly 4 days worth.

Point is, if we want healthcare, childcare, jobs, housing, education, deficit reduction, climate, infrastructure, bolstering Social Security and Medicare, etc., it's going to take taxing a lot of things more than we have been.

Increasing the current 2 cent tax on stock transactions to $1.02 per transaction would raise roughly $80 Billion a year. That with the $12 Billion above will cover less than 20 days of the deficit. Maybe a month under the preCV19 projected deficit.


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Where the $80 Billion came from by increasing transaction tax:

https://www.brookings.edu/opinions/congress-wants-to-tax-stock-trades-investors-shouldnt-fret/