Chris B. Wiggins for Congress
My Goals For Reform
As your representative in Washington, I will fight to overturn Trump’s tax plan which raised taxes on middle-class families, slashed funding for Medicare, and increased our nation’s debt. I believe that what Americans need is tax reform that makes wealthy corporations pay their fair share and cuts taxes for the middle class and small businesses.
- Reform State and Local Tax Deductions.
- Taxation is a means to keep the government running in areas such as building roads, providing public safety, ensuring good health, and delivering education to all our citizens. For far too long, we have seen taxes go up, with less return for what we are charged. This has led to out-of-control taxation and a population deprived of resources. We ensure everyone pays a fair share while providing the needs that allow this to be the best and brightest country. We will simplify the income tax code while ensuring there are no tax increases for those making under $350,000 a year. Financial gains are critical to America and we should applaud those successful in those ventures, but we shouldn’t value it more than good old-fashioned hard work. Capital gains will be taxed as income, including unrealized gains that haven’t been sold.
- To ensure everyone pays their fair share, I am supporting a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, and an additional 1% for those over $1 billion. This only affects the top .05% while raising $3 trillion in the decade.
- The poorly constructed Tax Cut and Jobs Act left many taxpayers worse off, this is most apparent with eliminating the SALT (state and local tax) deductions which impacted millions. I intend to amend the act and reinstate SALT deductions to protect the financial capability of our community.
- Small business is the backbone of our economy. Over 75% of small businesses pay their taxes as personal income tax rates. Corporations shouldn’t benefit the most from our tax code, but due to bad fiscal policy and loopholes, the burden is shifted to independent businesses. I am committed to lowering the federal rate paid by pass-through entities.
- Americans deserve a minimum wage; as the cost of living increases, we are far past time to catch wages up with inflation. I propose we adopt a $20-an-hour minimum wage for employers with over 10 employees. Exemptions will be made for outside salespersons, individuals who are the employer’s parent, spouse, or child, and apprentices who are regularly indentured, youth under age 18 in their first 180 consecutive days of employment, tipped employees, and student-learners. The minimum wage will be indexed to median- wage growth going forward.
- Relating to the economy, the legalization of cannabis will be met with economic freedom in mind. Every municipality will abide by a federal cap on excise taxes at 10% and sales tax at 10%. There will be no federal taxes on marijuana except for the producers and vendors as general businesses. You’ll hear more about this Marijuana Justice Plan.
- Reform the EITC to make it much more generous, especially for single childless workers. First, we will expand the EITC benefit to cover family caregiving and other forms of unpaid or ineligible employment, to make this an integral part of my EITC reform. Second, increase the Child Tax Credit to 2,000 per child per family to make it fully refundable, and phase it in faster, starting with the first dollar of earnings.
- Replace the estate tax and gift tax with a unified inheritance gift tax. The first $2 million would be tax-free for any recipient over their lifetime, and any additional inherited wealth would be subject to federal income and payroll taxes.
- Eliminate offshoring incentives for companies to save on taxes (only one year deferred for income earned abroad, no more expensing the cost of capital, eliminating accelerated depreciation). This includes cracking down on Irish inversions and other tax-sheltering schemes.
- Elimination of all industry-specific tax breaks except for reducing carbon footprint or environmentally focused measures.
- Eliminate the deduction of future stock payouts as a loss.
- Cut business deductions/loopholes for companies with over 15 employees.
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