We need taxes to pay for improvements to infrastructure and to pay down the national debt.
The best solution is to eliminate numerous loopholes and dodges written into the tax code. Dozens of major corporations pay zero taxes on tens of billions of dollars in profits year after year.
Many even earn credits against future profits. They use all those loopholes and dodges to avoid paying anything at all.
Since 1960 the tax rates on the wealthiest people in the U.S. have declined more than 35%. They also have available numerous loopholes and dodges that the average working family doesn't. The combined result is tens of trillions of dollars in lost revenue over the last few decades. The bottom 50% saw neither major tax cuts nor any sweetheart loopholes they could jump through.
Cutting taxes on big corporations and the wealthy does not improve the economy. Cutting taxes on the lower 90% of earners does improve the economy because those people spend their money, which increases demand.
Many point to the stock market as an indication of a strong economy. This is false. Last year, with millions of workers losing their jobs due to pandemic restrictions, the market still set records.
In an economy that has been "booming" since 2009, most working families struggle to survive much less save for the future. We need to ensure that big, profitable corporations and the wealthy pay their fair share, or at the very least something rather than nothing.
retired mechanical engineer