Budget and Taxes

Our tax laws must reflect the needs of working families. Working people built the United States. They are the backbone of industry, manufacturing, construction and small businesses in this country. And yet, they work for low wages, few benefits, if any, and often in unsafe conditions.

They deserve the benefit of our tax revenues.

For this to happen, our Tax Code must be overhauled so that corporations all pay their fair share. Over the long term, we must significantly raise revenues from big corporations and the wealthy, in order to invest in infrastructure, education and jobs for working people. Implementing this, alone, will grant Congress adequate funding to invest in our crumbling infrastructure and lagging education.

More specifically, I support:

  • The Responsible Estate Tax Act (S. 1677/H.R. 2907), which reduces the estate tax exemption and raises the maximum estate tax rate
  • The Paying a Fair Share Act of 2017 (S. 955/H.R. 2159) and Fairness in Taxation Act of 2017 (H.R. 636), which, respectively, increases the tax on individual taxpayers with incomes over $1 million, and adjusts the capital gains tax of taxpayers in the 45-percent tax bracket.
  • The Tax Fairness and Transparency Act (H.R. 2057), which limits tax deductions for interest expenses of most businesses to no more than 10 percent of the corporation’s adjusted taxable income.
  • The Carried Interest Fairness Act of 2017 (S. 1020/H.R. 2295), which eliminates the existing loophole and taxes carried interest as earned income.
  • The Repeal Big Oil Tax Subsidies Act (S. 2204), which eliminates $2.4 billion in annual tax breaks for the 5 biggest fossil fuel companies.
  • The End Polluter Welfare Act (S. 1041), which eliminates $11.4 billion in annual fossil fuel tax breaks and other subsidies.
  • A revenue-positive federal polluter penalty, starting with at least $35 per ton of carbon and rising annually.
  • Restoring full deductibility of state and local taxes from federal tax returns, so that state and local governments can receive funds from this federal penalty.
  • The Carried Interest Fairness Act of 2017 (S. 1020/H.R. 2295), which eliminates the existing loophole, taxing carried interest as earned income.
  • Expanding the Earned Income Tax Credit through the Grow American Income Now Act (H.R. 3757/S. 1849), which increases the value of the EITC for childless adults and families with children; raises the income level for EITC eligibility; lowers the qualifying age to claim the credit; and, allows eligible workers to request an advance of the credit.
  • The Financial Transaction Tax, which is a small sales tax on stocks, bonds and complex financial instruments that would affect entities which engage in high-volume, high-frequency, speculative trading while leaving individuals and firms with longer-term holdings relatively unaffected.
  • The Common Sense Housing Investment Act (H.R. 948), which would:
  • Reduce the IRS mortgage deduction amount to $500,000 over the next five years;
  • Convert the mortgage interest deduction into a non-refundable 15 percent tax credit over the next five years; and
  • Reinvest $241 billion in savings over 10 years into expanding the Low Income Housing Tax Credit and, investing in Section 8 rental assistance, the public housing capital fund and permanent funding for the National Affordable Housing Trust Fund.

 

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