A Quote by Russell B. Long
A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform.
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A [tax loophole is] something that benefits the other guy. If it benefits you, it is tax reform.
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.
If you have to change the law to get more money, that's a tax increase, and Americans for Tax Reform supports all efforts of tax reform, getting rid of deductions or credits, or something that's misclassified, as long as you at the same time reduce rates so that it's not a hidden tax.
The alternative minimum tax was designed to prevent the very wealthiest Americans from overusing certain tax benefits to avoid most of their tax burden.
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.
A Tax Loophole: A deduction that the other guy gets.
The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
Tax reform means, 'Don't tax you, don't tax me. Tax that fellow behind the tree.'
Tax reform means, "Don't tax you, don't tax me. Tax that fellow behind the tree."
We simply cannot continue to live with a [tax] system which has so many inequities. It must be changed in such a way that each of us pays a fair share of the burden. It has been said that one man's loophole is another man's livelihood. Even if this is true, it certainly is not fair, because the loophole-livelihood of those who are reaping undeserved benefits can be the economic noose of those who are paying more than they should.
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.
I would favor three policies: raising the minimum wage to $12, closing the tax loophole where persons only pay a 15% income tax on long term capital gains (tax it at the full tax rate), and institute a progressive tax moving the highest tax rate from 39.6% to 45%. I would favor implementing these three policies in that order, starting with raising the minimum wage, but not stopping there.
Beware of politicians who tell you they'll do all these wonderful things for you for only a small tax increase. Those tax increases are never as small as you might imagine, and the benefits are always smaller than promised and/or imagined.
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 really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
I believe the benefits of tax reform should flow to those who most need them most - hard-pressed working families struggling to reach or stay in the middle class.
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