No matter our politics, most Americans have a beef with taxes. And it’s no wonder.
Working class Americans pay a much greater share of their income than the wealthiest Americans, who get away with exploiting tax loopholes and paying less than their fair share to support public projects and government programs.
Our system is rigged to favor the richest, so tax reform is key to un-rigging the economy. But the latest GOP tax plan is a slimy wet kiss for the wealthiest Americans.
It doesn’t even try to propose reforms — it’s literally just a giant giveaway to millionaires, billionaires, and wealthy corporations. The non-partisan Tax Policy Center estimates that 80 percent of the benefits in the new plan will go to the richest 1 percent, while nearly one in three working families would end up paying more.
In order to bankroll this “get-even-richer-even-quicker” scheme, Republicans in Congress are proposing cuts to vital services and programs like Social Security, Medicaid, and Medicare — while still driving up the deficit by $1.5 trillion or more.
This isn’t tax reform — it’s a rip-off scheme.
But what if Congress actually prioritized helping working families get a better deal on taxes?
On October 25,2017, the Congressional Progressive Caucus, the largest ideological caucus in Congress, released their new Progressive Principles for Tax Reform, a bold set of priorities that would put power back into the hands of ordinary taxpayers and working families, and put a stop to endless giveaways to the richest Americans and corporations.
It calls for badly needed fixes to the tax code, including: eliminating tax loopholes and tax shelters for corporations, enacting a tax on Wall Street speculation, abolishing tax incentives and rewards for businesses that offshore jobs, and removing $95 billion in special tax breaks for the top 1 percent.