Tax Policy and The Economy
Our nation's tax code should provide adequate revenue to fund critical services. It should tax individuals and businesses progressively. CHN believes that the economy should help those in need, reign in excesses, and be structured to promote a society where all have equal opportunity to succeed.
About CHN's Stance on Taxes & The Economy
Justice Oliver Wendell Holmes famously defined taxes as “what we pay for civilized society.” Over the past several decades, our tax system has become rigged in favor of the wealthy and corporations, while leaving average Americans and our children picking up the tab. The major tax bill passed in December 2017 exacerbates the problem. Tax breaks and loopholes, and offshoring of profits all serve to benefit the super-rich, Wall Street, and major corporations while starving our country of the revenue needed to make critical public investments to protect the most vulnerable in our society and ensure opportunity for everyone.
A tax system is needed that is built on the principles of fairness and adequacy. This means a system that is more progressive and raises a substantial amount of additional revenue from our country’s wealthiest individuals and corporations. Democrats and Republicans alike have supported proposals to increase the Earned Income Tax Credit for low-income workers without dependent children and provide more help to low-income families through the Child Tax Credit, proposals that if passed could expand opportunity to those in need and help more low-income individuals and families out of poverty.
Many in Congress have vowed their opposition to raising revenues. But enacting spending cuts alone to reduce the deficit would be devastating to vital domestic priorities including human needs programs. A tax system is needed that raises adequate revenues in a progressive manner and includes tax benefits that help struggling families.
Tax reform should make the tax system more progressive and raise substantial additional revenue from the wealthiest individuals, business, and corporations. Loopholes that encourage corporations to shift jobs and profits overseas should be closed to put the nation on a more sustainable fiscal path, allow us to support investments in the job creation measures our economy needs, and protect and strengthen vital programs and services
Many in Congress have vowed their opposition to raising revenues, but in the face of the nation’s deficit dilemma, enacting spending cuts alone to solve the issue would be a disastrous plan. A good mix of spending cuts and revenue raises is necessary to protect services to low-income families. Truly, a tax policy is needed that raises adequate revenues in a progressive manner and includes tax benefits that help struggling families.
You can learn more about the positions that CHN takes on various issues reviewing our public policy document.