Occupy the Future by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 3339563
Publisher: MIT Press
Published: 2013-01-11T00:00:00+00:00

State Millionaire Taxes

Cristobal Young and Charles Varner

The Occupy movement has focused public attention on inequality in a way not seen in many years. National politics are stalled in seeming policy paralysis, but there is growing momentum for millionaire taxes at the state level. Since 2004, eight states have adopted a millionaire tax. The Occupy movement, with its nationwide grassroots presence, could push this policy to every state in the country. Modest change, modeled on current tax policy in New Jersey, would call for an extra 3 percent tax on the top 1 percent of earners. Legislatures can tailor tax brackets to the “Top One Percent” as defined in each state. In a federal system like ours, local policy can both complement and inform national policy agendas.

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