Public Citizen Welcomes Corporate and Higher-Earner Tax Reforms
But Wall Street Tax, Executive Pay Reform Missing From Green Book
WASHINGTON, D.C. – The U.S. Treasury Department today released its “green book,” an annual list of the administration’s revenue proposals. The document includes revenue estimates and detailed descriptions of the tax provisions in President Joe Biden’s economic proposals, including the American Jobs Plan and the American Families Plan. Bartlett Naylor, financial policy advocate for Public Citizen, released the following statement:
“We welcome a raise in the corporate income tax rate, an increase in the top rate for high earners, and reform of capital gains taxes. Eliminating tax breaks for the fossil fuel sector also can help steer the nation to greening the energy supply.
“While candidate Biden endorsed a financial transactions tax, it’s missing from President Biden’s revenue-raising proposals. A small fee on Wall Street trades would bridle volatility in the market, raise $752 billion over 10 years, and is paid almost entirely by American’s upper income citizens. We hope to work with the Biden administration to promote this important Wall Street tax. It’s past time to arrest unhealthy, computer-driven, high frequency trading and to ask Wall Street to pull its weight in funding infrastructure and other Main Street needs.
“In addition, we hope to convince the administration to embrace executive pay reform. Specifically, we support the Tax Excessive CEO Pay Act, authored by U.S. Sen. Bernie Sanders (I-Vt.), which incrementally raises the corporate income tax rate based on escalating ratios between the pay of the CEO and median paid worker at the firm.”