Fair taxation

From the Democratic Party platform:

“At a time of massive income and wealth inequality, we believe the wealthiest Americans and largest corporations must pay their fair share of taxes.  Democrats will claw back tax breaks for companies that ship jobs overseas, eliminate tax breaks for big oil and gas companies, and crack down on inversions and other methods companies use to dodge their tax responsibilities.  We will make sure our tax code rewards businesses that make investments and provide good paying jobs here in the United States, not businesses that walk out on America.

Our platform also states that: “We will ensure those at the top contribute to our country’s future by establishing a multimillionaire surtax to ensure millionaires and billionaires pay their fair share. In addition, we will shut down the “private tax system” for those at the top, immediately close egregious loopholes like those enjoyed by hedge fund managers, restore fair taxation on multimillion dollar estates, and ensure millionaires can no longer pay a lower rate than their secretaries.”

The “Paying a Fair Share Act of 2017” (S. 955 and H. R. 2159), which would make sure corporations and the wealthiest among us pay their fair share of taxes, has been introduced by Senator Sheldon Whitehouse (RI) and by Representative David Cicilline (RI). The senate version has 16 cosponsors.  The house version has 9 cosponsors.

Our platform further states that: “At a time of near-record corporate profits, slow wage growth, and rising costs, we need to offer tax relief to middle-class families—not those at the top…we will offer tax relief to hard-working, middle class families for the cost squeeze they have faced for years from rising health care costs, childcare, education, and other expenses.”  To the best of our knowledge, there is no bill in Congress at the present time that would do that.  There should be.