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Friday, October 27, 2017

Gayle McLaughlin, East Bay candidate for guv lite, wants a millionaires' tax

Lt. Guv candidate Gayle McLaughlin would
raise taxes on the rich by one percent per
million dollars earned.
ELECTION 2018
Gayle McLaughlin already has a reputation as one of the most progressive elected officials in the East Bay so it's no surprise that her campaign for lieutenant governor is starting to sound familiar fans of Sen. Bernie Sanders. McLaughlin's campaign Thursday unveiled a plan calling for wealthy Californians to pay their fair share of taxes.

McLaughlin's proposal would raise taxes on those making $1 million a year by 1 percent for every additional million earned. The campaign says millionaires currently pay around 13.3 percent in income tax.

For example, someone making $5 million would pay 5 percent more in taxes above the current rate, or 18.3 percent. The milliionaire's tax, however, would be capped at 25.3 percent.

"This tax adjustment would raise billions that we could invest in fixing our education system, upgrading our infrastructure, repairing our roads and bridges, and preparing our grid for a 100% clean energy future," said McLaughlin, in a fundraising email. "We could also take a serious step to address the gross income inequality that we face today."

Earlier this month, McLaughlin took aim at PG&E for its corporate greed and called for the utility have its franchise terminated. In its place, she called for PG&E to be replaced with a publicly-owned utility.

McLaughlin added that preliminary reports on the cause of the devastating North Bay fires might be linked to negligence by PG&E.

"PG&E absentee investors are paid higher profits when moneys are saved from maintenance of PG&E’s infrastructure," said McLaughlin.

As a current member of the Richmond City Council and former mayor, McLaughlin is a well-known opponent of another corporate behemoth, Chevron, which operates a large oil refinery in the city.

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