Finally, an alternative Green New Deal should involve progressive taxes, both to raise revenue for the spending increases and to let the nation know that the well-off are shouldering more of the burden. Wealth taxes and inheritance taxes are good ideas. Income taxes should also go up, not just on the super rich, but on the affluent and the upper-middle class as well. And most importantly, capital gains and dividends should be treated as ordinary income, which would increase the tax rate actually paid by the wealthy.
This alternative Green New Deal has similarities to Ocasio-Cortez’s version, but also has key differences. By focusing on technological development and international assistance, it would tackle the all-important problem of global emissions. By avoiding huge open-ended commitments like a federal job guarantee or universal basic income, and by including progressive tax increases, it would avoid the threat of excessive budget deficits. Ultimately, this plan would represent the U.S.’s best shot at fighting the looming global menace of climate change while also making the country more egalitarian in a safe and sustainable way. It would be a worthy successor to the original New Deal.
This article provided by Bloomberg News.