Over the last several weeks, I have revealed a plan for the economy that will repair, replace and expand our schools, roads bridges and airports, lift millions out of poverty, reduce costs to the justice system, end too big to fail, end tax-breaks for sending jobs overseas, make college more affordable and rebuild our social safety net.
I have received a lot of support for the plan, but ultimately, I get the same criticism, we can’t afford it. I have talked to people concerned about incurring more debt, but their fears seem to subside when I tell them that not only can we pay for this plan, but we can also cut the average American families tax burden by nearly $300 per year.
While the total cost of my plan is $287.5 billion, the plan generates $179.85 billion on its own through savings to law enforcements, pay equality and tax revenue generated by the more than 2.1 million new jobs the plan creates.
In addition, my plan would include ending more than $130 billion in corporate tax loopholes. The current corporate tax rate is 35%, but the effective tax rate, or the average of what is actually paid is less than 13%. The discrepancy is caused by corporate tax-breaks to companies that make billions of dollars, which allows huge companies like GE and Boeing to pay little or no taxes while taxes on small business is much closer to that 35% rate. That is what my granddaddy would call bass-ackwards.
We should be doing everything we can to help small business, but when businesses become successful it is time for them to pay their fair share, which is the exact opposite of what is happening now. Currently, the large corporations get the majority of the tax breaks, while small business and the middleclass pay the bills. It is time for that to change.
Under my plan we would redefine our corporate tax code to where the majority of tax breaks go to help small business and large corporations would be responsible for paying the taxes they owe.
If you take the $130 billion from ending corporate tax loopholes and add the savings to law enforcement and new tax revenue, you get a total of $309.85 billion. Subtract the cost of enacting the plan and you are left with more than $22 billion, which would be used to lessen the tax burden of more than 78 million American families by an average of $286.53 per year.
Many Republicans would like to accuse me of redistributing the wealth, but, in reality, that is what they have been doing for the last 35 years through trickle-down economics. In 1980, the top 1 % controlled about 24% of the nation’s wealth that number has climbed to 38%. The top 20% of U.S. households now control more than 85% of the nation’s wealth.
It is the Republicans that have been redistributing the wealth, but it has all went to the rich.
That is all that trickle-down economics does, it gives tax break after tax break to the rich, leaving the poor and the middle class to pay what should be their taxes.
Big business gets the most benefits from America, It is unlikely that the Walton family would be as successful if Sam Walton had been born in Somalia, it is only fair that they pay most of the taxes.
It is time that someone in our government stands up to big business and tells them that enough is enough. No longer will you take advantage of the American people in order to fill your corporate coffers, and that is why I am running for the United States Senate.
Eleven part series on my 9-point economic plan:
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