To Build Back Better, we need a tax system where everyone pays their fair share

Democrats in Congress are working out the details of investing in American families and businesses that will make America more competitive, grow the economy, strengthen American families and communities that have been left behind, and address the climate change crisis.

One of the central questions at the center of the negotiations is how they are to be paid. The president has put forward a sensible tax reform proposal that not only pays for these investments, but also corrects the excesses of the Trump tax cuts and aligns our tax law with American values ​​- a tax system that rewards work, not just wealth, and ensures that the front runners and the corporations pay their fair share.

With these reforms on the table, corporate lobbyists have begun to rave about. They fill the airwaves – and the ears of my former colleagues – with untruths.

I urge my colleagues to see lobbying for what it is and do some simple tests:

First, do you want a tax system where the super-rich don’t pay their fair share and never have to pay taxes on their vast wealth?

Second, do you want a tax system that allows companies to hide profits overseas and pay lower effective tax rates than middle-class Americans?

Third, do you want a tax system that allows the rich and corporations not to pay the taxes they owe?

The answer to any of these questions should be simple: No.

President BidenJoe BidenHouse Passes Bill To Allow Veterans To Adjust The Cost Of Living – Dems Dare GOP To Vote Shutdown, Default has proposed sensible measures that will meet the target and fund these vital investments in America’s future – and without raising taxes for anyone making less than $ 400,000 a year, and Americans agreed.

It is time to close the loopholes that allow the richest Americans to escape taxes. That means that the carried interest loophole will finally end. It means closing the loophole that allows some of the largest fortunes in this country to completely evade tax, and this can be done while fully protecting the wealth built in small businesses.

Here’s a look at Washington’s cynicism building in. There are people who say you can’t get the richest Americans to pay taxes without harming family businesses. That’s just wrong. We can get millionaires and billionaires to pay their fair share and fully protect real family businesses. We shouldn’t let the richest Americans hide behind family farms that are fully protected by these reforms.

On corporate taxation, we can raise the rate – and still have the lowest corporate tax rate this country has seen since WWII and up President TrumpDonald TrumpTrump Shoots New GOP Candidate In Ohio For Cleveland Nickname GOP Politicians On The Money – Dems Dare To Vote The GOP For Shutdown, Standard MORE‘s huge corporate giveaway. And we can reform the tax law so that it no longer encourages our largest corporations to move profits and jobs overseas. Here, too, the lobbyists will complain. Ultimately, this will require their corporate clients to contribute more.

But let’s be clear: these reforms and investments will make the United States more competitive, not less. It will address the climate crisis that so many business leaders have been speaking about.

The lobbyists’ opposition puts only short-term corporate profits above the country’s long-term economic health.

Finally, in tax enforcement, President Biden works to provide the IRS with the resources and information it needs to ensure the law is being enforced fairly. Typical workers pay what they owe under the law. There is a 99 percent compliance rate on wages. Ninety-nine percent. The same is not true of the super-rich and the largest corporations. The rich are much easier to hide their incomes, and right now the IRS can’t keep up. The President is fighting to provide the IRS with the means to compete with the armies of lawyers and accountants who help businesses and the rich avoid tax debt. My former colleagues should ignore the lobbyists who are trying to claim that just getting the rich to pay the taxes they owe would harm typical Americans who are already obeying the law.

In order to really be able to build better, we need a tax system in which corporations and the rich pay their fair share. As simple as that.

Harry ReidHarry Mason Reid Democrats Say Biden Needs To Get More Involved In Budget Fight Biden Hopes For Climate To Sell Economic Agenda Judge Breyer Warns Of Supreme Court Redesign: “What Goes Around Comes Around” MORE is the former majority leader in the Senate.