PROgressives want to restore tax fairness. Close loopholes. Return to higher taxes on the few richest elites at the top, add taxes not only on income at the top but also accumulated assets for only the few richest elites. If the few richest elites pay their fair share, as they did in the prosperous 1950’s and 60’s (when the top marginal rate on high earners was never below 70% of the PORTION of income in top brackets), then we can stop squeezing the middle class and REDUCE taxes for the rest of us, and once again return to building infrastructure and supporting working people with the result of a strong, broad-based, prosperous MIDDLE CLASS.
Elizabeth Warren also proposes adding a “wealth tax” on assets (amount you already own, not income), but only on the very few richest elites. The first FIFTY MILLION DOLLARS? No tax. But after that primary exemption, only the PORTION of assets in excess of FIFTY MILLION DOLLARS gets a tax of just 2%.
Furthermore Warren, with more specific, detailed policy proposals than all other candidates combined, also proposes a solution to the problem of more than SIXTY major, PROFITABLE corporations, including Amazon and other giants, who paid ZERO INCOME TAX despite reporting profits of hundreds of millions.
Warren proposes a 7% profits tax on everything over $100 million. No small business is affected. No company, not even the giants, pays the tax on that first $100 million. Mom and pop business and small privately held corporations are safe.
No loopholes, exemptions deductions or exclusions. Straight tax on all profits over $100 million as reported to shareholders (they lowball it for tax purposes but like big numbers to report to shareholders and on which CEO compensation is computed).
And you know there will be no hidden loopholes for those rich donor lobbyists because, like Bernie Sanders, Warren does not accept any LOBBYIST, CORPORATE PAC OR SPECIAL INTEREST donations.
Darrin Bell and Theron Heir