A Quote by Alex Pareene
Tax expenditures for middle- and working-class Americans - like the earned income tax credit - aren't thought of as loopholes; they're just thought of as benefits.
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We will lower the tax burden on middle class Americans by asking the very wealthy to pay their fair share. Middle class taxpayers will have a choice between a children's tax credit or a significant reduction in their income tax rate.
The people who are having the hard time right now are middle-income Americans. Under the president's policies, middle-income Americans have been buried. They're just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a tax in and of itself. I'll call it the economy tax. It's been crushing.
Most of them benefit businesses, things like research and development tax credits. But people will also benefit, too, from things like - the earned income tax credit and the child tax credit have been made permanent. They predominantly help lower-income families.
By eliminating the tax breaks and special interest loopholes that primarily benefit the wealthy, our framework ensures that the benefits of tax reform go to the middle class, not the highest earners.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
What I do is allow middle-income families to finally be able to save their money tax-free. No tax on interest dividends or capital gains for middle-income Americans.
We certainly could have voted on making the middle-class tax cuts and tax cuts for working families permanent had the Republicans not insisted that the only way they would support those tax breaks is if we also added $700 billion to the deficit to give tax breaks to the wealthiest 2 percent of Americans. That's what was really disturbing.
The answers to feeding hungry children is not fewer dollars to feed hungry children, it's to do more. It is to raise the minimum wage. It is to increase, not dismantle, the earned income tax credit. It is to make college more affordable for more middle class families, not more expensive. These are the things that grow our middle class.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
I know hedge-fund guys that are making hundreds of millions of dollars a year and pay no tax. And I want to lower [tax] for the middle income. The middle class in this country has been decimated.
I was involved in the 'reformicon' effort in 2013-2014, which was explicitly, 'We can't just Xerox Reagan.' In the spirit of Reagan, actually, we could rethink things - maybe we need to think more about job-training programs, earned income tax credit, adjust the tax code.
In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again.
Tax reform shouldn't add one penny to our deficit or to the tax bills of middle-class Americans.
High tax rates in the upper income brackets allow politicians to win votes with class warfare rhetoric, painting their opponents as defenders of the rich. Meanwhile, the same politicians can win donations from the rich by creating tax loopholes that can keep the rich from actually paying those higher tax rates - or perhaps any taxes at all. What is worse than class warfare is phony class warfare. Slippery talk about 'fairness' is at the heart of this fraud by politicians seeking to squander more of the nation's resources.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
The alternative minimum tax was designed to prevent the very wealthiest Americans from overusing certain tax benefits to avoid most of their tax burden.
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