I believe a dollar earned by a wage earner should be no less valuable
than a dollar earned by a Wall Street investor.
- People who make millions a year from their investment portfolios often pay taxes at a lower rate than people who draw a paycheck.
- 1986 tax reform banished special tax breaks for millionaires to enforce Ronald Reagan’s pledge that “everybody and every corporation pay their fair share.”
- Middle class Americans shouldn’t pay a larger share of their income than millionaires do. I will work to restore tax fairness to our tax code.
A dollar is a dollar, right? Well, not exactly. You see, if you work for a living, the dollars you earn are taxed at a much higher rate than the dollars many investors earn. So your dollars are worth less by the time you use them to pay your rent or mortgage.
How large can this disparity be?
Quite large. When Mitt Romney ran for President, he released his tax returns. They showed he paid just 14.2% of his income on all Federal taxes, including Social Security and Medicare. That’s the same amount you and your employer pay on every dollar you earn working at your job, but when April 15th came around, you had to pay income taxes, too. It basically allowed Mitt Romney and his slick Wall Street millionaire friends to skip paying the Income taxes you or I are forced to hand over.
That’s not fair.
How did this happen? It happened because Republicans, in their drive to cut taxes for wealthy donors, have abandoned Ronald Reagan’s effort to banish loopholes from the US tax code. Reagan’s pledge that “everybody and every corporation pay their fair share¹” has been replaced by backroom deals that give billions in tax breaks to the wealthy while sticking middle America and our children with the bill.
I may not agree with everything Ronald Reagan did in his drive to cut taxes, but I do agree with his premise that taxes should always be fair, that people who earn less should never be forced to pay a larger share of their income in taxes than people who earn more. I will work to restore fairness to our tax code.