Issue Position: Tax

Issue Position

*Explore ways to encourage the repatriation of corporate funds stored offshore, including by an excise tax; consider an excise tax on funds or profits parked offshore; eliminate the tax deferral on offshore corporate profits; support the Stop Tax Haven Abuse Act of 2011, S. 1346./ support a "pure worldwide tax system", support the Wyden-Gregg tax reform bill.( The Bipartisan Tax Fairness and Simplification Act of 2010 (S. 3018) ) - oppose a "territorial tax system"

*Close the Google Bermuda loophole

*Consider strengthening FATCA, the Foreign Account Tax Compliance Act

*Support the "Stop Corporate Inversions Act of 2014" (H.R. 4679); use eminent domain to protect the tax base from "tax inversion mergers" where necessary to halt the practice; consider Senator Carl Levin's list of Corporate Loopholes that should be closed.

*Consider strengthening the tax on excess retained earnings as reflected in uninvested, undistributed cash or near-cash balances; exclude stock buy-backs from the list of qualified investments; consider excluding mergers & acquisitions from the list of qualified investments; inhibit the ability of corporations to purchase their own stock

*Consider stripping the tax deduction for interest on LBO's.

*Impose a graduated excise tax on corporate management compensation levels that exceeds a certain multiple of the lowest wage paid by that corporation, foreign or domestic

*Repeal the Bush tax cuts for the wealthy, at a lower level than the $400,000 proposed by President Obama

*Support HR 1124, the Fairness in Taxation Act of 2011, Schakowsky

*Consider a limit on income allowed capital gains rates, such as up to $1,000,000 per year

*Revoke the carried-interest loophole; support Congressman Levin's 2009 H.R. 1935 (re: ...treatment of partnership interests held by partners providing services.)

*Consider the Fareed Zakaria 9-18-27-18-9-50 tax plan

*Phase out percentage depletion allowances

*Require minimum 50% royalty on all Federal gas & oil leases, retroactively

*Require U.S. Government coal leases charge market rates.

*Ban income tax on mortgage forgiveness retroactive to 01/01/2008; make forgiveness of debt not taxable unless the incurring of the debt is deductable

*Restore income averaging for personal income taxes.

*Adopt the Taxpayer Funds Held in Trust Act

*Provide that
1) no agency within the United States collecting taxes that uses the U.S. Mails in any way for tax collection activity shall assess a penalty per year in excess of 10% of the underlying balance due if that balance is under $50,000, to which a reasonable rate of interest may be added on the underlying balance due.

2). No agency within the United States collecting fees, permits, or fines that uses the U.S. Mails in any way for collection activity shall assess combined penalty and collection charges and any other charges per year in excess of 10% of the underlying fee, permit, or fine balance due if that balance is under $50,000, to which a reasonable rate of interest may be added on the underlying balance due.

*Eliminate the wage ceiling on FICA withholding

*Consider a graduated excise tax on campaign contributions, see outline.

*Impose an annual tax on firearms, small for a single gun, escalating for quantity

*Insist that the IRS interpret 501(c)(4) correctly.

*Kick pro football out of 501(c))(6) / add a tax surcharge for excess compensation

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