The tax system is riddled with waste, fraud and abuse which gets worse yearly. Whether it is the exploitation of corporate loopholes or a property tax system which benefits the largest corporations, these loopholes are a major reason we are cutting schools, the poor and colleges and universities. Everyone is sacrificing except the richest and most powerful.
The following represents over $6 billion in special interest waste in the tax system. These are giveaways to corporate interests that have no impact on the economy and jobs. In fact, in some cases they are harmful to economic growth as well as the budget. These are permanent tax breaks, some of which were enacted in exchange for temporary revenue increases.
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10 TAX POLICIES FOR $20 BILLION
Updated for the California Working Families Policy Summit 2010 February 25, 2010
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With the state facing a current deficit and ongoing yearly deficits of $20 billion, the survival of basic services and a healthy public sector is at stake. To address this looming future, the burden of recovery must be shared fairly—in contrast to the current path by which public services, the poor and education have taken the largest cuts and the middle-class has borne the increased tax burden.
The following summarizes 10 measures which will spread the burden in a way which arguably have a minimal impact on economic growth and recovery. These include eliminating new loopholes recently opened, taxing untaxed windfalls, ending tax breaks with no benefits, imposing taxes on the very rich, and increasing sin taxes.
Revenues for the 09-10 and 10-11 Budget: a list of collections, loophole closing and fair revenues to avoid severe cuts in programs
What if California had a normal government by which it addressed the ever-growing budget deficit?
A Capitol Weekly article
No one likes taxes. Yet there is a broad consensus, dating back to at least the 1950’s, that a healthy public sector is a critical part of California’s long-term sucess.
Read More Here! TaxPolicyin21stCentury1.pdf