The people of Wisconsin are working hard to rebuild our economy, and all across the state Russ has been hearing that people are optimistic about our future and ready to unite. Washington can’t get in the way with special interest loopholes and partisan gridlock shutting down our budget process. A failure to address these issues means lower economic growth and increased interest rates for borrowing – that affects everyone. Responsible government benefits all Americans, and all Americans have a stake in making sure that Washington exercises fiscal responsibility.
Some of the worst inefficiencies in Washington happen when Congress “spends through the tax code,” often as giveaways to the very powerful and wealthy.
To make our budget fiscally sound, we need to end these corporate loopholes.
Close the Carried Interest Loophole
First, we need to close the carried interest loophole, which is nothing more than a sweetheart deal for hedge fund managers and wealthy professional investors – allowing them to pay lower tax rates on the income they earn from managing fees than other Americans because it is taxed at a lower rate.
End the Practice of Tax Inversions
We must also end the practice of tax inversions, which allow companies to claim for tax purposes that they’ve moved their headquarters to a low tax country, even when they still do most of their business in the United States. Middle-class and working families can’t pay a team of high-priced lawyers to create those types of gimmicks to duck taxes, and everyone knows the cost of the corporate tax loopholes is passed along to the rest of us.
End Tax Preferences for Giant Oil and Gas Companies
Next, we can end tax preferences for giant oil and gas companies, which cost taxpayers money, and slow progress to our clean energy future.