Reforming the tax code is my priority. The U.S. tax code is thousand’s of pages long containing tax shelters, loopholes and generally a goody bag for the wealthy. Melinda believes in the battle of partisanship that has dominated politics in recent years; that taxation AND its policy purposes have been detached. I believe in disciplined policies that will lead to economic growth. Cutting taxes has become the mantra of the aspiriing politician, it does not always make for good policy.
I will vote to end loopholes that enable corporation’s to fleece the system; they get off paying almost nothing. Ending these loopholes is good social tax policy: corporations have gotten away for too long reaping the benefits of loopholes.
Tax relief should accrue to those that need it most in this struggling economy; the middle and working class. I support Democratic party efforts to end tax havens for corporations and the wealthy, to end federal income tax for retirees and tax relief to middle class families. I support Democratic efforts dis-allowing tax increases for families earning under $250,000.00.
BUSINESS
I support a permanent Investment Tax Credit as an economic tool to give credits to businesses of at least 10% on the acquistion of business machinery and equipment. The ITC was first enacted by President Kennedy in 1961; it has been used to stimulate investment in the economy; it can be incorporated into a broader strategy of raising the saving rate, reducing the trade and budget deficits and other long-term growth policies. Additionally, I support making the research tax credit a permanent credit–this has been popular with business and helps offset the cost of wages.
OFF SHORE TAX HAVENS
I support ending off shore tax havens for the rich. Under President Obama’s plan; these corporate loopholes will end in 2011. Corporations were allowed to defer paying taxes indefinitely if they kept their profits off shore. I support ending corporations’s ability to use international subsidiaries as a means to avoid paying taxes.