Question asked about wealthy people avoiding taxes at Mariposa

Question asked about wealthy people avoiding taxes at Mariposa

it is very easy for wealthy US citizens
to avoid paying the fair share of their income tax obligations by setting up
bank accounts secret trust and fake corporate registrations in other
countries to stop this legal evasion of taxes what kind of legislation do you hope to sponsor or
co-sponsor to address this issue so I absolutely believe that we do need to take action
this affects money laundering it affects the ability or excuse me if taking
these types of actions prevents some of our wealthiest taxpayers are paying
their fair share here in our country and contributing to programs they’re so
important for all of us here in society so I think that we need strong
regulations and assist with taxation that takes into account everyone’s needs
and obligations if we look at the tax reform that’s out there right now our
country is moving in precisely the wrong direction right now the changes that are
being proposed 75% of the benefits would go to people for the top 5% of the
income distribution that does absolutely nothing to address the question that
you’ve asked instead I think we need to be passing legislation and fighting for
legislation that improves regulation and transparency
you know the Consumer Financial Protection Board for example it needs to
be fully staffed it needs to be head who is committed to regulation and
committed to stronger oversight of our banking system our Treasury Department
needs to be fully staffed at the levels appropriate in order to the
investigating exactly the problem that you’ve highlighted and in fact right now
what we’ve seen from the administration is a complete abdication of those
responsibilities in so many of our federal agencies the inspectors general
and these mid-level and senior level supervisors who should be leading those
types of investigations those posts are empty the Trump administration has
failed to fill so many of the vacancies and so these agencies do not have the
leadership that they need to be taking them to undertake the investigations
that are necessary I don’t think we’ve ever seen a presidential administration
fail to fill so many posts and intentionally undermine the functioning
of our government and its ability to investigate this fraud basically there
but I do think that we need legislation in the future to try to make sure that
those posts get filled one way or another by Congress or by the presidency
thank you we have one of the highest tax rates of developed countries around the
world but we actually have one of the lowest tax revenue to GDP ratios around
the world what mean that means is that we’re not collecting much of our wealth
we are not collecting the right amount of taxes that means that people are
actually figuring out how to evade it as you’re pointing out with your question
and so the question is we keep talking about let’s raise the rates raise the
rates but it’s like raising the walls on a on the leaky sieve on a colander you
know you’re not going to be able to collect more until you plug all the
holes so now food economies we’ll tell you that the way to do this
is actually an entire sort of restart or we actually put down a value-added tax
and de-emphasize if an income tax a value-added tax would allow you to tax
consumption and it’s really hard to avoid and and so and it’s very easy to
collect now that’s it’s harder to sell politically though so but that’s what
economists would tell you is the right the right solution for this now what’s
not the right solution is the tax bill that is being proposed at this exact
moment this tax bill is a behemoth that targets and it’s just vindictive
actually if you look at the amount of legislation in there that is
specifically targeting California it’s unconscionable
you know they allowed deductions for victims of floods and hurricanes but not
victims of earthquake in fire who’s that targeting you know this is
businesses not good policy it’s revenge you know they took out ve allowances for
for you to deduct your state income taxes off your federal income tax that
impacts four out of ten people in our district at an average price of five
thousand dollars per person I told Tom McClintock this is not
acceptable I put an op-ed in the sacrament of the highlighting how his
tax bill is hurting our district guess what Tom McClintock scared me because
the next day he put out he actually voted no on the
tax bill so we’re gonna keep holding his feet to the fire in our movements gonna
actually change his vote thank you Sarah I think it’s fair to
agree that we have decided that everyone should be paying their fair share
corporations have found ways to really transfer their money overseas through
these through corporate tax loopholes and that’s one of the things that we
really need to work hard to close many people say that it’s impossible but our
tax rate as Jessica mentioned it’s the highest in the world we are we charge 38
percent but it also gives this incentive for them to find ways to move and
maneuver their money overseas and we don’t really do much about it in fact
five of the largest corporations including Apple and Google who have
really had skyrocketed profit margins in his last two quarters they have not paid
any income tax in their last it for the last five years which is unbelievable
because we’re paying for it so with this new new tax bill we’re
talking about 1.7 trillion dollars that they’re going to increase our national
debt and if we close those loopholes it would actually be more than that and we
would be at a surplus so that’s what we really need to work on is making sure
that corporations who really find a way to move their their money overseas and
and keep much more of their money and move jobs overseas are fine so heavily
that it would make them even shut down because we need to keep our jobs and our
money here so we can continue growing the economy for them to move on
overseas it actually hurts our families and hurts our economy very deeply and I
believe right now over 50% of population makes less than $30,000 a year that’s
unbelievable we are creating a deficit within our own
economy where the average American will not be able to go buy an iPhone will not
be able to go to any other store to stimulate the economy and we have to
start working on that right now I don’t believe that the people have the means
to carry these corporations any more on this corporate welfare in at Walmart we
have the Waltons who make up the top three and up the top three of some of
the richest people in the world while many of their employees when they’re
handed their new employee packet they’re also had an application to apply for
welfare so now we’re giving Walmart welfare twice

1 Comment

  1. Peter van Peborgh says: Vote This June!

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