This proposal–being pushed by Senate Republicans–would cut the tax rate for wealthy business owners to 7%. That would mean that wealthy employers would pay a lower tax rate than their employees. That is fundamentally unfair.
Talk about backwards priorities! This proposal for new tax breaks comes at a time when the Legislature is struggling to figure out how to fund our schools, senior care, and other vital services.
While pitched with feel-good promises like “job creation” and help for “small businesses,” the truth is this: This is the same tired policy we’ve seen proposed over and over. More tax giveaways to those at the top, at the expense of the rest of us.
[Contact your legislators and tell them: No New Tax Giveaways!]
Proposed by Sen. Larry George (R-Sherwood), the policy would also create a new loophole to allow the wealthy to disguise their income as various types and sources by funneling it into new business entities. Like the chart below shows, wealthy investors will be able to use this loophole in order to pay a lower tax rate than firefighters–or construction workers, secretaries, or nurses. That’s unfair.
Enough is enough! Contact your legislators and tell them No New Tax Breaks for the Rich!