To build back better, we need a tax system where everyone pays their fair share

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Democrats in Congress craft details of investments in American families and businesses that will make America more competitive, grow the economy, raise American families and communities left behind for too long, and tackle the crisis of climate change.

One of the key questions at the heart of negotiations is how to pay them. The president presented a sensible tax reform proposal that not only pays for these investments, but also corrects the excesses of Trump’s tax cuts and brings our tax code in line with American values ​​- a tax system that rewards hard work, not just wealth and ensures that those at the top and the companies pay their fair share.

With these reforms on the table, corporate lobbyists have started to proliferate. They fill the airwaves – and the ears of my former colleagues – with lies.

I urge my colleagues to see lobbying for what it is and apply a few simple tests:

First, do you want a tax system where the super rich don’t pay their fair share and never have to pay tax on their immense wealth?

Second, do you want a tax system that allows companies to hide their profits offshore and pay lower effective rates than middle-class Americans?

Third, do you want a tax system that allows the rich and businesses to avoid paying the taxes they owe?

The answer to each of these questions should be simple: no.

President BidenJoe Biden Biden Announces Arts and Humanities Endowment Appointments Biden and Xi Agree to Honor Taiwan On The Money Agreement – Presented by NRHC – Democrats Break Rubicon Debt Ceiling PLUS proposed common sense measures that fit the brand and fund these key investments in America’s future – and without raising taxes by a single dime on anyone who earns less than $ 400,000 a year and Americans were agree with him.

It is time to close the tax loopholes that allow the richest Americans to avoid taxes. It finally means ending the deferred interest loophole. It means closing the loophole that allows some of this country’s greatest fortunes to escape taxes entirely, and it can be done while fully protecting the wealth accumulated in small businesses.

This is where you can see Washington’s cynicism making its way. There are those who say you can’t tax the wealthiest Americans without hurting family farms. It’s just insane. We can get millionaires and billionaires to pay their fair share and fully protect real family farms. The richest Americans must not be allowed to hide behind family farms that are fully protected by these reforms.

When it comes to corporate tax, we can raise the rate – and we still have the lowest corporate tax rate this country has seen since WWII and until President TrumpDonald Trump Biden Announces On The Money Arts & Humanities Endowment Nominations – Presented By NRHC – Democrats Break Debt Ceiling Rubicon Trump Backs Diehl For Massachusetts Governor, Slams ‘RINO’ Baker MOREgiant corporate gift. And we can reform the tax code so that it no longer encourages our biggest companies to shift their profits and jobs overseas. Once again, lobbyists will complain. After all, it will require their corporate clients to contribute more.

But let’s be clear: these reforms and investments will make the United States more competitive, not less. He will address the climate change crisis where so many business leaders have spoken.

Opposition from lobbyists only puts short-term corporate profit ahead of the long-term economic health of this country.

Finally, when it comes to law enforcement, President Biden strives to secure the resources and information he needs from the IRS to ensure fair application of the law. Typical workers pay what they owe under the law. There is a 99% compliance rate on salaries. Ninety-nine percent. The same is not true for the super rich and the biggest corporations. It is much easier for the wealthy to hide their income, and at this time the IRS cannot keep up. The president is fighting to give the IRS the resources to take on the armies of lawyers and accountants who are helping businesses and the wealthy avoid paying the taxes they owe. My former colleagues should ignore the lobbyists who will try to argue that simply getting the rich to pay the taxes they owe will hurt typical Americans who already follow the law.

In order to truly build back better, we need a tax system where businesses and the rich pay their fair share. It’s that simple.

Harry reidHarry Mason Reid Biden’s agenda looms large in Virginia governor’s race is the former majority leader in the Senate.


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