At a time of massive wealth and income inequality, we need a progressive tax system in this country that is based on the ability to pay. It is unacceptable that major corporations have paid nothing in federal income taxes, and that corporate CEOs in this country often enjoy an effective tax rate that is lower than their secretaries. If we are serious about reforming the tax code and rebuilding the middle class, we have got to demand that the wealthiest Americans, large corporations, and Wall Street pay their fair share in taxes. When we are in the White House, we will:
- Pass the For the 99.8 Percent Act to establish a progressive estate tax on multi-millionaire and billionaire inheritances.
- Eliminate offshore tax scams through the Corporate Tax Dodging Prevention Act.
- Tax Wall Street speculators through the Inclusive Prosperity Act.
- Scrap the income cap on Social Security payroll taxes through the Social Security Expansion Act so that millionaires and billionaires pay more into the system.
- End special tax breaks on capital gains and dividends for the top 1%.
- Substantially increase the top marginal tax rate on income above $10 million.
- Close tax loopholes that benefit the wealthy and large corporations.