Tax Reform

Tax Reform

Taxes provide the revenue government needs to operate and the federal deficit will require a combination of cuts in spending and selected tax modifications to increase revenue yet provide an environment for job-providing businesses to flourish.  I support reducing the general corporate income tax rate to 33% and estate taxes to 40%.  I also support restoring a $3.5 million exemption with portability so that married couples effectively have a $7 million exemption before being subject to federal estate tax. This will protect family farms from being subject to federal estate tax.  I have stated that taxes on wage income absolutely should not be increased but that the Bush tax cuts should otherwise be repealed.

Man holding a card with a text Tax Reforms.

I support the “Let Wall Street Pay for the Restoration of Main Street Act” which would assess a small securities transaction tax on Wall Street which will be invested in the current needs of the U.S. economy. A securities tax would be applied to stock transactions (0.25%), futures (0.02%), swaps (0.02%), credit default swaps (0.02%), and options.  Half of the approximate $75 billion in revenue would be deposited in a Jobs Creation Reserve and the other half would reduce the federal deficit.  TARP recipients absolutely should be required to pay back every penny of taxpayer funds they received during the bailout.

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