Joe Biden Got the Most Votes In History With Tax Fairness as a Centerpiece of His Campaign
Q3 2020 hedge fund letters, conferences and more
Biden's Tax-Fairness Mandate
(WASHINGTON, D.C.) President-elect Joe Biden received the most votes of any Presidential candidate in history running on a promise to make the rich and corporations pay their fair share of taxes, starting with repealing their Trump-GOP tax cuts. Today, Americans for Tax Fairness (ATF) unveiled a new website that highlights Biden’s tax-fairness mandate, including analysis of tax issues in the 2020 campaign. Additionally, ATF has issued a tax-focused 100 Days Agenda for the Biden administration.
Biden’s was the most progressive tax reform plan and investment agenda put forward in modern times by a major-party presidential nominee. His stump speeches and tens of millions of dollars of TV ads for and against Biden’s plan made tax fairness a centerpiece of the presidential contest. And tax fairness won.
“Vice President Biden was elected with a mandate to enact a fair-share tax system that will create an economy that works for all Americans, not just the wealthy few,” said Frank Clemente, Executive Director of Americans for Tax Fairness. “The COVID-19 pandemic has exposed the weakness in our economy: inequality rising exponentially; billionaire wealth rising by $1 trillion, or 36%, since March; millions of unemployed Americans; more Americans living paycheck to paycheck than during the Great Recession; and state and local services being slashed due to revenue shortfalls. Addressing the troubles in our economy will require creating a tax system that requires the wealthy and corporations to pay their fair share of taxes and putting working families first.”
Tax-Focused Policy Recommendations
Americans for Tax Fairness has issued a set of tax-focused policy recommendations for the President-elect in a 100 Days Agenda that include:
- Rolling back those Trump-GOP tax cuts that most directly benefit the wealthy and corporations.
- Ending the special tax discount on income from stock and other assets that allows a billionaire to pay a lower tax rate than a firefighter or nurse.
- Closing the trust-fund loophole that lets wealthy families avoid all taxes on the growth in the value of their fortunes when they pass between generations.
- Revoking all the special tax breaks for real estate investors like Donald Trump that let them delay, reduce and eliminate their tax obligations.
- Restoring a higher, fairer tax rate on big profitable corporations and ensuring they stop dodging their taxes through accounting tricks by levying a 15% minimum tax on the profits reported to investors and ending tax breaks for outsourcing jobs and shifting profits offshore.
- Rebuilding the IRS by restoring its funding and hiring to historic levels and refocusing audit resources on the wealthy and corporations.
You can view Biden’s Tax Fairness Mandate website here.
