TAX LOOPHOLES & POLICING WALL STREET
I have been a strong advocate of tax reform, including tax law simplification and protecting individuals and small businesses from bearing the burden dodged by multinational corporations.
I voted against the Trump-GOP tax scheme because it hurt middle-class families and gave giant multinationals tax breaks for shipping jobs abroad and hiding profits in offshore tax havens. The Joint Committee on Taxation – Congress’ official, nonpartisan tax scorekeeper – found in the first year after the Republican tax law multinationals paid an effective tax rate of just 7.8%. That’s far less than the percent paid by a teacher, firefighter, or nurse.
To level the playing field, I authored legislation – the “No Tax Breaks for Outsourcing” Act – to ensure big corporations do not get a tax break for shipping jobs overseas and to close the loopholes that let multinationals book profits from selling to American consumers in an offshore haven. President Biden included key elements of my bill in his Build Back Better Act to end these incentives for outsourcing, making the tax code fairer for workers and businesses in the United States.
I am a strong supporter of the expanded Child Tax Credit, which lessens the tax burden for working families and has helped to lift so many children out of poverty. These are the investments we can make in our future by requiring multination corporations and the very wealthiest few to pay their fair share.