United We Stand: on Tax Reform

Disallow mortgage & health deductions for the rich

Another subsidy for the rich is the exemption from taxes on expensive employer-paid health insurance. These plans support the rich and encourage excessive health costs. They should be taxed as additional income.

Raise marginal tax rates on the wealthy

Decrease capital gains tax to foster long-term thinking

The policies have already been proposed that can reverse our slide and get the economy moving for the long term:
• Investment tax credits. We can stimulate growth by providing tax credits to companies that buy productive equipment and machinery.
• Research and development tax credits. We need to encourage our companies to put their money into new improvements, new products, and new lines of products.
• Tax breaks for long-term capital gains. If shareholders aren’t squawking for a short-term gain, the company can concentrate on improving its product so it can survive, compete, and grow. We need a stair-stepped capital gains tax, decreasing each year over five years, on shares purchased from public companies with the money going into the treasury to build the company. This would provide the proper incentives to industry and to the market.