To the Editor:
Revenue for federal and state public needs should be obtained through adequate fair, progressive taxes, meaning those with the ability to pay should pay more.
For all but three of the past 30 years, state and federal government have had insufficient revenue.
Extensive corporate loopholes, offshore havens, depreciation ... all deprive government of revenue.
Government loses revenue when a CEO’s pay is stock options rather than salary, and likewise by not properly taxing capital gains and derivatives.
Regarding state income taxes and property taxes, having those with the ability to pay more would help with fairness.
Tax caps lack progressiveness.
States with personal income taxes are more prosperous than those without, and with more revenue state can better fund public services – infrastructure, safety, schools.
State income tax is the only major state tax that generates revenue that keeps pace with the economy’s growth.
Lower and middle classes mainly supply regressive sales tax and flat tax revenue. Taxing retirement income hurts, like pension cuts.
For revenue, end capital gains tax breaks and corporate loopholes.