Tax Reform

I support a dramatic overhaul of our taxation system that reduces the tax code to a short, easily comprehensible document that closes corporate hand-outs and loopholes, treats all forms of individual income equally and lowers the corporate tax rate to a more competitive level.

The rich do not get richer because corporations have a lot of money, they get richer because their primary sources of compensation are taxed far more favorably than wage earners - this is why Warren Buffet's effective tax rate is lower than his secretary's.  I believe that all income is equal, and the government should not favor certain sources of income over others, especially when that means that the richest Americans get taxed at a far lower rate than average wage/salary earners.

 

We also need to acknowledge that most wealthy individuals and corporations do not lower their tax liability by evading taxes - they do so by taking advantage of provisions in the tax code duly passed (by legislators we elected) to their benefit and functioning as intended.  Warren Buffet is not taxed less than his secretary because he evades taxes - but because that's how our legislators have written the tax code.  We need to stop sending people to Congress who favor blatantly unfair tax provisions that favor donors and the politically well-connected over voters.
 

  • End tax structures that impose lower tax rates on different forms of income - such as capital gains, carried interest, and qualified dividends - and treat all forms of personal income equally regardless of source.  

  • Lower the corporate tax rate to about 15% and undertake measures to encourage the repatriation of off-shored profits while making the offshoring of profits difficult henceforth

  • Reduce the tax code to a short, straightforward document that any reasonable person can read and act upon - it doesn't need to be any longer than 10-15 pages

  • Close corporate loopholes and hand-outs that allow companies to massively reduce tax liability by hiring a team of lawyers and consultants

  • Initial changes must be at least revenue-neutral (we have some bills to pay) and I am therefore only supporting at present measures that increase revenue by what amounts to a massive tax hike on wealthy Americans (only to the point that they merely pay the percentage required by the tax bracket they reside in) and ending corporate tax chicanery.

Authorized by the Committee to Elect Paul Masters to Congress