Real Tax Reform
I believe that government should levy taxes at a level that adequately funds services for the American People while causing as little economic impact as possible.
To that end, our tax code needs serious work. For several decades it’s been amended and complicated to dole out generous subsidies for the special interests that lobby for them, resulting in a code that’s hundreds of thousands of pages long and incomprehensible to the average taxpayer. In 2017, the GOP took an opportunity to reform the system and instead ballooned the annual budget deficit to a trillion dollars.
Here’s how I would amend the system:
- Create more tax brackets so that people making $300,000 a year aren’t paying the same rate as those making $300 million
- Close tax loopholes that amount to $2600 per year per taxpayer in corporate welfare (such as the carried interest and deferred foreign income loopholes)
- Lower income tax rates with consumption and pollution taxes, such as carbon prices on greenhouse gas emissions and pollution fees on big agriculture operations. Our tax code should reflect our priorities, and as such we should tax less of what’s good and more of what’s harmful.