There exists a disparity in who benefits from our current tax system. Those who benefit the most are not paying their fair share, while others have little 'skin in the game'. To correct this imbalance, I will support/propose legislation to accomplish the following:
- Evaluate existing deductions to ensure lower and middle income families are not paying a higher percentage of their income than high income families.
- Treat capital gains as earned income for the purposes of taxation. There is no reason the fruits of someone's labor should be taxed at a higher rate than that of investments. 401k and other pension plans would be exempt from this to ensure that retirees are not unduly burdened.
- Close the "Hedge Fund Manager/Carried Interest" loophole which allows hedge funds to pay extremely little taxes on their earnings.
- Reduce the tax burden on small businesses. Small businesses are the engine of our economy, however small businesses are not able to hire slick accountants and lawyers with fronts in tax haven countries to stash profits to avoid paying taxes. Reducing the tax burden on small businesses, whether established as S-Corps, Incorporated entities, LLCs, etc. is imperative.
- Provide tax incentives to businesses to provide good paying jobs within the USA.
- Ensure large businesses do not avoid paying taxes using offshore havens and artificial movements into other countries. This can be done by taxing money sent out of the country following earning it in the USA.
- A small tax increase on income for businesses and individuals to pay for the new health care system. This would still be less than what people and businesses are currently paying in healthcare premiums, deductibles, etc.
- A small tax on speculative investment trades. These trades are used to shuffle around incredible amounts of money generating profits for investment banks (which we bailed out) that are essentially never taxed while raking in billions in profit.