I believe dollars earned by wage earners should not be taxed more
than dollars earned by Wall Street investors.
- Wealthy Wall Street investors pay a much lower tax rate on the money they earn than you do, and that’s not fair.
- The taxes paid on a dollar earned by Middle-Class Americans should never be more than the taxes on a dollar earned by a millionaire.
- It is time Americans stood up for themselves. I will fight to make our tax system fair again.
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, by the time you get to spend them, the dollars you earn are worth less. That means you have to work even harder to pay your rent or mortgage.
How large can this disparity be?
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 earned working at your job, but when April 15th came around, you had to pay income taxes, too. Basically today’s tax laws allow Mitt Romney other slick Wall Street multi-millionaires to pay much less on every dollar they earn than what you or I are forced to hand over. And the tax cuts President Trump signed into law the week before Christmas made things even worse.
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 Reagan’s pledge that “everybody and every corporation pay their fair share¹” has been replaced by backroom deals that give billions in tax breaks to the wealthy while sticking middle-class America and our children with the bill.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 and 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.