Issue Position: Taxes

Issue Position

The case for tax reform begins with the reality that our current tax system is both fundamentally unfair and unacceptably complicated. In short, it's broken. Our tax laws are rigged in favor of corporate interests, lobbyists, and rich individuals. The share of taxes paid by the middle class has increased while the ultra-wealthy and big corporations are benefitting most from available tax breaks. Billionaire Warren Buffett pays taxes at a lower rate than his secretary. Oil companies rake in billions in tax breaks while posting record profits. And, the system is so complicated that its degree of unfairness is often disguised. I favor sweeping tax reform similar to the Tax Reform Act of 1986, sponsored by Senator Bill Bradley and Congressman Richard Gephardt. The Bradley-Gephardt tax reform that was signed into law by President Reagan lowered individual tax rates and eliminated loopholes while increasing corporate taxes. Unfortunately, much of what that reform accomplished has been unwound over the years by lawmakers rewarding lobbyists with tax preferences. Specifically, I support closing corporate loopholes and tax breaks that reward companies for sending jobs overseas and cracking down on tax avoidance by shell corporations that set up offshore in places like the Cayman Islands. I would also back requiring that the ultra-wealthy--those who make $1 million or more a year--pay their fair share with increased taxes.

Source