A decade after bonus-chasing executives like Angelo Mozilo crashed the economy, we need tax incentives to push companies to narrow the gaps between CEO and worker pay.
Poor People's Campaign Moral Action Congress, Washington, D.C., June 17, 2019. Photo credit: Will Coley.
The Deficit Hawks versus the Big Spenders. That’s how the media typically portrays budget battles in Washington. We seldom hear about how government action to tackle our country’s most urgent social and environmental problems can actually save money.
In a new report, the Institute for Policy Studies and the Poor People’s Campaign reveal some of these underreported savings as part of a detailed analysis of the costs and benefits of transitioning to a moral economy.
We identified 10 ambitious changes that would offer huge returns on investment above the status quo.
If we accepted more immigrants and created a pathway for more undocumented people to gain legal status, the benefits would outweigh the costs by nearly $200 billion over 10 years, according to a Congressional Budget Office analysis. Why? Because once they’re allowed to come out of the shadows, immigrant workers would pay increased income and payroll taxes — above the billions they already pay.
To read about nine other ways a moral budget would save us money, see the original post on Marketwatch.