Left Wing Budget

The Congressional Progressive Caucus released a genuine budget from a liberal point of view.

It restores Clinton-era marginal income tax rates starting at the $250,000 threshold. It establishes new income tax brackets—45 percent at $1 million, 46 percent at $10 million, 47 percent at $20 million, 48 percent at $100 million, and 49 percent at $1 billion. Capital gains and dividends will be taxed as ordinary income. The deductibility of all itemized deductions will be capped at the 28 percent rate. The estate tax will have a $2.5 million exemption and then a series of progressive marginal rates from 55 to 65 percent. The mortgage-interest tax deduction for second homes is eliminated. There's a financial transactions tax. A couple of corporate income tax deductions are eliminated. There's a kind of too-big-too-fail tax on banks more than $50 billion in assets. There's a $25 per-ton carbon tax.

This should be Obama's starting point.