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Congratulations to our presumptive Democratic nominee, Joe Biden!
Elizabeth Warren wants to make it simpler to file taxes. Good for her.
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By Helaine Olen
Opinion writer
April 12
It may be spring, but theres a good chance that many Americans wont get to appreciate it this weekend. All too many of us are likely putting the finishing touches on our federal and state income taxes, gathering all the paperwork pertaining to our charitable contributions, IRA distributions and employment income so that we can file our returns by April 15.
Sen. Elizabeth Warren (D-Mass.), whose office estimates that the average American spends 11 hours and about $200 on tax preparation, would like you to know it doesnt need to be this way. Shes now reintroducing her Tax Filing Simplification Act, which she first introduced in 2016. The legislation, should it ever come to pass, would essentially free many Americans from the time-consuming and costly ritual, while making it less costly for others. And thats not all. On Thursday, Warren debuted another proposal, the Real Corporate Profits Tax, which would make it harder for the largest corporations to avoid paying their fair share.
Under current law, corporations can report large sums of annual profit to Wall Street and investors, while still using loopholes to pay no taxes to the feds. According to a study released Thursday by the Institute on Taxation and Economic Policy, at least 60 Fortune 500 companies paid nothing to the federal government in taxes in 2018, continuing a decline in corporate tax revenue since President Trump and congressional Republicans lowered the corporate tax rate. The companies include Amazon (founded by The Posts owner, Jeff Bezos), which is paying nothing despite earning more than $230 billion worldwide.
Warrens effort would make that dance impossible. Her bill would set a 7 percent tax rate on all reported profits in excess of $100 million. In other words, if a mega corporation can report those sorts of earnings to Wall Street, it needs to pay a minimum tax, no matter how many loopholes it takes advantage of.
FULL story: https://www.washingtonpost.com/opinions/2019/04/12/good-elizabeth-warren-wanting-make-it-simpler-file-taxes/?utm_term=.0007e16ce480
Sen. Elizabeth Warren (D-Mass.). (Sarah Rice for The Washington Post)
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
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Elizabeth Warren wants to make it simpler to file taxes. Good for her. (Original Post)
Omaha Steve
Apr 2019
OP
Luciferous
(6,080 posts)1. I'm sticking with Mayor Pete but Warren has some solid policy ideas.
If I were to vote in a presidential
primary today, I would vote for: Undecided
primary today, I would vote for: Undecided
Kurt V.
(5,624 posts)2. her policy barrage is bound to steer the primaries. kick & rec
If I were to vote in a presidential
primary today, I would vote for: Undecided
primary today, I would vote for: Undecided
pnwmom
(108,978 posts)3. Good idea. n/t
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden