Tax Reform
“Our tax code should be fair for families and employers. It should help make American-based companies more competitive, but big businesses and the ultra-wealthy should pay their fair share.”
Maryland families and employers are still feeling the effects of Republicans’ 2017 tax law, which tilted the tax code more favorably towards the wealthy and highly-profitable corporations than working families and small businesses. It also punished states like Maryland that invest in critical public services that promote economic growth, such as strong public schools, reliable public transportation, good roads, and a safety net for struggling families. We must do more to ensure the tax system does more to support affordable housing, child care, and clean energy.
As a senior member of the Senate Finance Committee—the Senate committee that oversees all legislation related to the tax code—I remain committed to creating a tax code that works for everyone. That is why I developed the Progressive Consumption Tax Act, which would change the way the federal government raises revenue. My bill would exempt most households from any federal income taxes and lower the corporate income tax rate to promote investment and job creation. Instead, the government would raise revenue via taxes on the purchase of goods and services. We know that working families spend more of their income on consumption than wealthy families, so the law includes a Progressive Consumption Tax rebate to ensure fairness and equity in tax burdens.
