What about taxes?

Income taxes should be structured to strengthen the middle class and raise up the poor. Instead, they reward individuals with high incomes. That is because career politicians, many of whom have become millionaires or increased their fortunes while in office, cannot objective. They get elected and stay in office thanks to lavish support by big business and special interests. The trickle-down policy of 2000 was a disaster. We need a trickle up policy that rewards the rich if they create more high-satisfaction careers, keep jobs and production in America, and help educators better integrate career preparation into their curriculums.

  • The alternative minimum tax should never fall on the shoulders of families earning less than $300,000 per year. It penalizes middle income wage earners who are trying to build a more secure future during their working years.
  • Contrary to long-held belief, we do not have a pro-homeownership tax policy. We have a pro-mortgage policy that must have been designed by banks and wealthy investors.
    • Our current tax law discourages true home ownership and saving. True homeownership is when you own your home free and clear.
    • Middle class wage earners are trapped by the mortgage deduction. It reduces their taxes, but only as long as they have a mortgage. They wind up paying three or four times the amount they borrowed to the banks because their taxes go up if they pay off the mortgage faster.
    • Mortgages have traditionally been a really profitable and safe long-term investment for wealthy individuals and banks, but not the greatest for middle class wage earners.
    • Sorry, Mitt Romney, no more taxpayer subsidized second and third homes or yachts for you.
  • Middle class savers are penalized because their savings are taxed. Middle class investors and small business owners are penalized because their gains from investments and sales of non-productive assets are taxed. We need to change tax policy to reward middle class wage earners and small business owners when they save and invest for long term security and stability.

    • We have some very significant work continuing the reforming of our health care system. Still, these are measures I want to start to work on right away. There are other reforms, but sweeping tax reform is unlikely. I will be ready to go with measures that a broad majority of American taxpayers can support.