8/22/2023 0 Comments Financial transaction tax tpc![]() If you buy a credit default swap, you don’t. Thanks to the clout of Wall Street, one of the few financial transactions we don’t tax in America are…financial transactions themselves. But what if there were a sales tax at the national level that raised a lot of money efficiently and hit the rich harder than the poor? This is no fantasy. That’s pretty damn regressive.Īdopting Sanders’ position not only would be the right thing for Clinton to do, but could help persuade his army of fans that she’s not the water carrier for Goldman Sachs that so many of them think she is. According to ITEP, the working poor in Washington pay 12.6 percent of their family income in sales taxes. Last year, it claimed Washington had the most unfair tax system in the country, largely because the state, which lacks an income tax, raises nearly half its revenue from sales taxes. “Sales and excise taxes are the most regressive element in most state and local tax systems,” says the Institute on Taxation and Economic Policy, which examines state tax systems every year. In particular, they hit the poor quite hard. What’s more, because sales taxes are part of the broad family of consumption taxes, economists say they’re relatively efficient.īut they aren’t perfect. And why not? Sales taxes are simple and cheap to collect, they raise a lot of money, and they’re pretty easy on consumers since we end up paying in tiny increments that are generally fairly painless. We’re all so used to the idea that it seems completely natural. Unless you’re one of the lucky few who live in Delaware, Montana, New Hampshire, or Oregon, you pay a sales tax on almost everything you buy. Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters. ![]()
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