Let’s Talk Tax Reform — reform that actually builds the American economy and creates new jobs.
And of course, those of us who have been around for the past 50 years know all too well that tax cuts do not allow wealth to trickle down. In fact, every statistic shows it has done the exact opposite — trickled upward at a phenomenal rate since 1980, making millionaires into billionaires.
What about this reform: Stop giving tax breaks to companies who ship American jobs overseas. The break I refer to is the allowable deduction for business expenses, which in essence pays companies to move business abroad by greatly reducing their taxes.
Not only do these companies leave American workers without jobs, they drastically reduce their current tax liabilities and can hide their foreign profits in Cayman Island accounts and avoid paying millions more that could be reducing our federal deficit, funding teachers or creating jobs rebuilding our national infrastructure.
This is what our Tea Party “patriots” and most regressives have worked hard to keep from being cut along with top tax rates on the wealthiest who have profited so richly since Reagan.
Now I ask you to think about the small Scandinavian nations who consistently top lists of overall health, education, income, happiness and faith in their government.
With far fewer natural resources and harsh winter conditions, these small countries are doing something right.
I wonder — could it be because they pay some of the highest tax rates in the world?
Could that be possible?