D.C Fiscal Policy Institute: DC Can Raise $121 Million or More with a Simple Tax on Proceeds from Wealth

DC can raise needed revenue and address tax inequity by taxing more of the gains, or proceeds, generated by wealth—such as capital gains, dividends, and other forms of passive income. DC’s tax system protects and grows wealth concentration through myriad preferences and loopholes, exacerbating racial and economic inequality. This special treatment also prevents the District from generating the revenue needed to adequately fund programs and services. Applying a surcharge on proceeds generated from wealth is a simple way for DC to raise hundreds of millions of dollars to help struggling residents withstand the local recession and drastic federal and local safety net cuts.

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