Thank you to the Olympian for recognizing our moral obligation to act on climate change and recommending that voters say Yes to the I-732 carbon tax swap. By saying that I-732 would only make our tax system “slightly fairer”, however, you are greatly understating the benefits of I-732.
Social justice groups have for years campaigned unsuccessfully for the state to provide a 10% match of the federal Earned Income Tax Credit, one of the most effective anti-poverty programs in the country. I-732 goes one step — actually, two and a half steps — beyond that, funding a 25% match of the EITC that will provide up to $1500 a year for 460,000 working families in the state. This will be a transformational policy in fixing the most regressive state tax system in the country.
What makes our tax system so regressive? The high sales tax. I-732 addresses that, too, by directing most of the carbon tax revenue to cutting the state sales tax by a full point. This is another step towards a more equitable tax system, and moreover the sales tax cut will provide hundreds of dollars a year in benefits to all households and businesses across the state. (Try it yourself by clicking the “About” button on yeson732.org)
Finally, remember that a better tax system is just the icing on the cake for I-732. We all know that we need to get serious about climate change, and I-732 would create one of the strongest climate policies in the world. Vote yes.