Looking to jump start an effort to focus on what the Democratic economic agenda should consist of, I initially wrote about the
Congressional Progressive Caucus Budget Proposal and then the "Agenda to Raise America's Pay" from the
Economic Policy Institute.
The goal is to discuss, flesh-out, accept, reject, and add-on to such policy lists in an effort by Kos readers to begin shaping the Democratic policy proposals in advance of the next elections.
The first two examples provided a bit of an unwieldy (and as some commentators pointed out: too mild) set of proposals. Nonetheless, in an effort to impose order, below is a combined list of the proposals.
Let's begin to discuss, agree, disagree, add and/or critique proposals. Most of all, let's add important new ideas. And, please add useful links or support for the debate. In subsequent weeks, we can individually address specific items in depth.
So, the list:
1. Raise the federal minimum wage. (Key: to what amount? $12/hr was previously suggested).
2. The Department of Labor should raise the salary ceiling for mandatory time-and-a-half overtime pay from current $23,6660 to roughly $51,000, which would extend overtime protections to 6.1 million additional workers.
3. Invest in infrastructure and public and nonprofit employment programs that create jobs.
4. Restore Clinton-era marginal income tax rates starting at the $250,000 threshold.
5. Establish 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.
6. Capital gains and dividends taxed as ordinary income.
7. All itemized deductions will be capped at the 28 percent rate.
8. The estate tax will have a $2.5 million exemption and then a series of progressive marginal rates from 55 to 65 percent.
9. The mortgage-interest tax deduction for second homes is eliminated.
10. "Regularize" undocumented workers, either through a path to citizenship or some form of legal recognition.
11. Provide earned sick leave and paid family leave.
12. A financial transactions tax.
13. A too-big-too-fail tax on banks more than $50 billion in assets.
14. A $25 per-ton carbon tax.
15. Strengthen collective bargaining rights, increase penalties for corporate violations of labor laws, and stop the spread of so-called "right-to-work" laws.
16. Pass and enforce laws prohibiting gender and race discrimination in salary.
17. Tighten enforcement of labor standards to stop "wage theft" and other abuses, including failure to: pay minimum wage or overtime, eliminate workplace hazards, pay payroll taxes or worker’s compensation premiums, and provide family and medical leave, and make sure workers have access to courts and are not routed to arbitration.
18. Base Pentagon spending should be reduced to 2006 levels, and farm subsidies for commodity crops reduced.
19. Encourage/require Federal Reserve Board policymakers to prioritize very low rates of unemployment when making Fed policy.
20. Reduce trade deficit by stopping destructive currency manipulation by certain foreign governments.
21. Restrain income inequality by eliminating tax preferences for executive pay or tying executive compensation to productivity growth, peg corporate tax rates to the ratio of executive pay to median worker pay, change corporate governance procedures favoring exorbitant executive pay, impose a financial transactions tax and/or impose higher top marginal tax rates for financial-sector professionals and corporate managers.
(Note: there were other policy proposals in the original lists - e.g., eliminate certain corporate tax deductions, alter Medicare reimbursement rates, stimulus spending - that I have not included above. That is simply because the original proposals were either too vague or too complicated, and in both instances require more thought before reintroducing them in a "list format.")
Simple question: if you had a Democratic President, Senate and House (see 2008), what would you most like to see them do? And why?