For Immediate Release
Report: Invert State Tax Structures To Eliminate State Budget Deficits
United for a Fair Economy to Release Flip It to Fix It: An Immediate, Fair Solution to State Budget Shortfalls, Documents Current Regressive State Tax Structures
BOSTON - A new study has found that inverting state and local tax structures—whereby the highest income earners would be taxed at the current percentage of income for the lowest income earners and vice versa (so that taxes for the bottom 60 percent of households would be reduced or unchanged) — would collectively raise $32.5 billion in new state and local revenue for Illinois (a 56.2 percent increase in public revenue), immediately eliminating state and local budget deficits and avoiding the serious consequences of budget cuts.
The report, titled “Flip It to Fix It: An Immediate, Fair Solution to State Budget Shortfalls” will be released on Wednesday, May 25, 2011 by Boston-based United for a Fair Economy. An embargoed summary of the key findings is available at www.faireconomy.org/
“The inadequacy of regressive tax structures puts everything we value at risk: the wellbeing of families, the future competitiveness of the American workforce, and the nation’s ability to rebound from the recession and prosper,” said Kraut.
The report builds on the fact that most Americans believe that states tax systems are already equitable in the way that can be achieved by inverting state tax structures. The report contends that the inverted tax structure best spurs steady and strong economic activity.
The report—available for download at http://www.faireconomy.org/
An embargoed summary of the report is now available at http://www.faireconomy.org/
The authors of the study and other state tax fairness advocates will be available for interviews starting Wednesday, May 25, 2011. Video testimonies will also be available at www.faireconomy.org.
United for a Fair Economy is a non-partisan organization that helps people of all races, ethnicities and classes work to reduce economic inequality.