A Fair Tax Platform
Each of the priorities on the Issues page are fully funded while individuals making $250,000 or less and couples making $500,000 or less will see an increase in disposable annual income.
How is this possible?
The top 100 largest corporations are paying 0 in corporate income taxes while small businesses pay double digits.
The 400 wealthiest Americans are paying a lower income tax rate than working families.
It is time for us to stand up and demand a Fair Tax Platform. The Fair Tax Platform closes several loop holes and is composed of targeted taxes that fully fund policies such as living wages, Medicare for All, a Green New Deal, universal pre-k through public trade school and college, and student debt cancellation. Individuals making under $250k and couples making under $500k will experience the most significant benefits under this plan.
We will reverse the Trump-era corporate tax cuts by rolling rates back to 35%.
CEO Pay Inequality Tax
In 2019, CEOs were making more than 300x what their median worker makes - up from 20x their median worker in 1950.
For companies with annual revenues exceeding $100 million who pay their chief executives excessively more than their workers, we will impose an additional CEO Pay Inequality Tax.
Wall Street Speculation Tax
Boutique Wall Street traders are optimizing computer algorithms to make high speed transactions that have been shown to increase market volatility while providing remarkable profits for those who can afford such services.
To discourage this harmful practice of high-speed speculation, we will impose a 0.5% tax on stock trades and a 0.1% tax on bond trades.
Extreme Wealth Tax
It may surprise most working people, but the wealthiest Americans make the majority of their money each year on investments that do not get taxed as income. Take, for example, Bill Gates, who, despite donating tens of millions of dollars to philanthropic projects around the globe, has more money now than when he first retired from Microsoft. Extreme wealth accumulation is a core driver of income inequality which is why we will impose a wealth tax on the top 0.1% of Americans with a net worth of $32 million or more.
Income Tax Rates
We will level the playing field for everyday Americans and ensure the wealthiest Americans pay their fair share in income taxes while preserving the doubling of the standard deduction from 2017. Proposed marginal income tax rates for the Fair Tax Platform are noted below:
Medicare Payroll Tax
Medicare will be expanded to include dental, hearing, eye care, and in-home care in 2021. By 2025, all Americans will be enrolled in this program, allowing them to see any doctor they want. No more out of network issues.
Average annual premiums are currently $5277 plus copays, deductibles, and out of pocket expenses. We will eliminate all premiums, copays, deductibles, and out of pocket expenses with a simple 4% medicare payroll tax.
This means if you make the median Bucks County income of $76,824, your total all-inclusive annual healthcare costs would be just $3073 - an average of a 41% savings in annual health costs.
Lifting the Income Cap on Social Security
Only the first $137,700 of income is currently subject to the social security payroll tax. We propose a modification to the current funding mechanism that would allow us to stabilize and expand social security. We would maintain up to the first $137,700 getting taxed at the current rate. An individual's income between $137,700 and $250,000 would not be subjected to any social security tax. Then, income over $250,000 would be taxed at the normal social security payroll tax rate of 12.4%.