The US Federation of Public Interest Research Groups (US PIRG
) has a new report with 12 policy recommendations, showing how the U.S. could save $1 trillion. Including:
- Implement the President's and Congress's International Tax Reforms.
The president should eliminate tax breaks for companies that keep profits overseas, and Congress should tax corporations that are managed and operated in the U.S. as U.S. companies and drastically increase reporting of offshore income. Savings by 2015: $557.9 billion
- Implement Surtax on Corporate Book-Tax Gap.
Place a small tax on the dollar amount that is the gap between what a corporation reports to its shareholders and what it reports to the IRS (which is usually a lot smaller). Savings by 2015: $15 Billion
- Close The Carried Interest Loophole Tax a major source of income for hedge-fund managers at the same rate that all other Americans are taxed on their income, not at 15%. Savings by 2015: $15.6 billion
Watch the slide show in the Huffington Post here
. With the usual nutty comments underneath.