Opinion: We should finally pass tax reform
By Jennifer Rubin Jennifer Rubin Opinion writer covering politics and policy, foreign and domestic Email Bio Follow Opinion writer March 31 at 12:00 PM Republicans promised to pass tax reform but instead delivered tax cuts heavily tilted to the rich and to corporations. Far from simplifying the code, this added complications, including the 20 percent rate for pass-through income.
If we want to raise more revenue and reduce income inequality, there is a much better approach. Former car czar Steven Rattner recommends narrowing the gap in rates between investment income and regular income : But the 2017 tax cut legislation reduced the tax rate on corporate profits to 21 percent, from 35 percent. So if taxes on capital gains and dividends were raised by those 14 percentage points, we capitalists would be no worse off — and American companies would still be more competitive globally, the theory behind reducing the corporate tax rate.
More important, I would argue, is passing sweeping ethics reform, including some of the measures Sen. Elizabeth Warren has recommended. She has proposed redoing rules for lobbyists, one way in which the rich accumulate excessive power: Put a windfall tax on excessive lobbying, to ensure that when companies spend millions trying to stop the government from protecting the public, the cops on the beat get more resources to fight back. . . . We should ban Americans from getting paid to lobby for foreign governments - period. If foreign governments want to express their views, they can use their diplomats.
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