Change We Can Believe In. Barack Obama,
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Bush tax cuts dangerously distorted our tax system by rewarding pure wealth and not rewarding hard work and success. Over the past eight years, the wealthiest of the wealthy have enjoyed large income gains while almost every single other American has struggled. Barack Obama believes that the rest of America deserves a break. As President, he will vow to not increase taxes for any household making less than $250,000 a year. That means that 98 percent of all households—and nearly 99 percent of small business owners—will not see their taxes rise. At the same time, the Obama plan will ask families making over $250,000 a year to give up a portion of the tax cuts they have gotten in recent years in order to restore fairness to our system without increasing the deficit.
Eliminate Special Tax Breaks for Corporations.
According to a recent congressional investigation, offshore tax abuse costs this country up to $100 billion each year. Almost half of all foreign profits of U.S. corporations in a recent year were hidden in tax havens, and as many as two million individual taxpayers may be hiding funds in offshore tax havens as well. Barack Obama has been a leader in cracking down on tax havens by requiring greater disclosure of financial transactions in tax secrecy jurisdictions and giving the Treasury Department the tools and time it needs to enforce the law. In addition, the tax code is filled with special provisions that subsidize companies that invest overseas, provide lower rates for industries with powerful lobbyists like the oil and gas industry, and allow tax shelters to proliferate. As President, Barack Obama will close the door to international tax havens and plug offshore tax loopholes, saving the United States tens of billions of dollars each year.
Simplify Tax Filings for Middle-Class Americans.
Barack Obama believes that the IRS has created a tax filing process that, for millions of Americans, is far too complicated for the filings they ultimately make. Deductions and exemptions are built into the system, but ordinary people don’t have the time to figure them out without going to an expert preparer—yet another cost at tax time. In 2004, the IRS estimated that it took twenty-eight hours for an individual to complete his or her tax filing. As President, Barack Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. An Obama Administration will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of prefilled tax forms to verify, sign, and return. According to expert estimates, this will save Americans up to two hundred million total hours of work and aggravation and up to $2 billion in tax preparer fees.
Create a Reserve Fund for Emergencies and Deficit Reduction.
One can never know what kind of emergency may occur that will require the help of the federal government. If we have no money put away for these possibilities, we run the risk of allowing these unforeseen events to cause even more economic pain and derail our long-term growth. That’s why Barack Obama will not only pay for all his proposals, but also will put aside additional projected savings into an emergency reserve fund to meet any unexpected needs and reduce the deficit.
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