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How Are We Going to Pay for Done Waiting's Big Plans?

Progressive Taxation and How it Works

  • Done Waiting supports a progressive wealth tax on Americans with a net wealth of $32 million or greater. The highest one percent of the world owns half of the world’s wealth. This wealth tax would only tax the wealthiest 0.1% of Americans, but it would raise $4.35 trillion. 

    • How does a progressive wealth tax work? 

      • People with less than $32 million in wealth wouldn’t pay anything. For example any wealth over $32 million would be taxed at 1%. So, a family with $32,000,100 in wealth would pay a wealth tax of $1. The tax rate would increase progressively so that any wealth over $1 billion would be taxed at 10%, for example.

      • A wealth tax is enforceable: “the wealth tax includes a 40 percent exit tax on the net value of all assets under $1 billion and 60 percent over $1 billion for all wealthy individuals seeking to expatriate to avoid the tax,” per Bernie Sanders’ plan.

      • The IRS is already capable of appraising a person’s wealth when they pass away in order to collect an estate tax. The IRS will instead appraise a person’s wealth yearly in order to collect a wealth tax.

  • Done Waiting supports a tax on Wall Street speculation. The Inclusive Prosperity Act would tax stock trades at 0.5%, bond trades at 0.1%, and derivatives at 0.005%, and would raise $220 billion in revenue annually. These taxes are targeted at high-frequency trading, a technology used by Wall Street institutions to maximize profit. Average American families with retirement plans such as 401(k)s do not benefit from high-frequency trading, so the tax will be insignificant.

Bloated Military Budget​

  • Taking even a small portion out of the military budget could be billions of dollars that can go to issues that are far more important. Military spending dominates the federal budget, accounting for over 50% of spending annually. Whenever Republicans ask for a military budget increase -- no one is pestering them on how they will pay for it. This is all a matter of national priority, and Done Waiting’s platform asks that we shift our priority away from getting bigger and better guns and instead to community programs that will benefit working people in this country. It does not take an economist to tell you that a small portion of money from the military budget can easily benefit our country and pay for a key, progressive policy.

Medicare For All​

  • A combination of wealth taxes and progressive income taxes will cover the transition to a universal healthcare system. Medicare For All will continue to be funded by progressive taxes that ensure that financially insecure Americans are not overburdened, and as a whole Americans pay less under universal health care than they do under the current, profit-seeking system.

Climate Change and a Green New Deal​

  • Done Waiting believes that we should declare that climate change is a national emergency. Money reallocated from the military will also help fight climate change. This will allow the government to prioritize the allocation of resources, labor, and monetary aid to fight climate change and the Green New Deal. In addition, it will show the government’s commitment to pollution regulation and formation of economic policy that is uninfluenced by major companies.

  • Done Waiting also supports the elimination of subsidies to fossil fuel companies and other large companies that produce significant pollution. The US subsidizes fossil fuel companies to the tune of $20 billion per year. This will save our government money, and we can reinvest this money into making a greener future a reality. We must also roll back corporate tax rates that the Trump and Bush Administrations have enacted. This will help hold polluters accountable all while re investing this money back into creating a green economy.

    • Major investment now will save trillions in the future. Companies, investors, and shareholders, must stop maximizing economic profits in the short-run, and move towards a more economically and environmentally sustainable future.

College for All and Cancelling Student Debt​

  • A 0.5% to 1% percent tax on stocks and bond trades, a “Wall Street Tax”, would raise over $2.4 trillion over the next 10 years in order to pay for tuition free public college.

    • The student Loan Crisis is currently about $1.6 Trillion. When our priorities are right, the federal government can easily spend money of this magnitude. We need a progressive tax on wall street now.