https://rooseveltinstitute.org/wp-content/uploads/2024/06/RI_Stiglitz-Wall-Street-Budget-Hearing_Testimony_062024.pdf
The comprehensive reform agenda I’ve laid out will take time and effort to
implement fully. But in the meanwhile, there are some simple reforms that could be done quickly:
1. Remove the tax advantage for capital gains over other forms of income;
2. Implement a constructive realization policy, taxing assets based on their
current value rather than only when the gains are realized, and fully tax any
unrealized/untaxed capital gains at death;
3. Implement a minimum income tax, along the lines of President Biden’s
proposed “Billionaire Minimum Income Tax” and Brazil’s proposed 2 percent
global minimum wealth tax now being discussed within the G20;14
4. Increase the minimum corporate tax rate;
5. Eliminate tax subsidies for fossil fuels and implement carbon and other
environmental taxes;
6. Expand and make permanent subsidies that increase productive economic
activity, such as R&D tax credits;
7. Implement a financial transactions tax;
8. Implement windfall profits taxes;
9. Reverse preferential tax treatment for income from land and other natural
resources;
10. Require greater transparency requirements for stock options, including
disclosure of dilution of existing shareholders and eliminate preferential
treatment (including their being subject to payroll and Medicare taxes) of
pay, including retirement benefits, for all high-income individuals, including
CEOs.
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