Senator Bob Corker (R-TN)
2nd-term Republican from Tennessee.
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All messages are published with permission of the sender. The general topic of this message is Budget:
A True No-Brainer

Sen. Bob Corker
Rep. Phil Roe
Sen. Lamar Alexander

March 17, 2013

 A True “No-brainer”.

You and your fellow Republicans have expressed a strong desire to reduce our budget deficit immediately. There is a true no-brainer way to accomplish this while still growing the economy and keeping fundamental safeguards for our elderly, poor and needy citizens intact.

You can even keep to your “pledge” not to raise taxes.

We should immediately act to end sheltering of investment income and corporate profits and limit tax breaks for wealthy individuals.

We currently give tax breaks totaling $1.1 Trillion a year, a huge proportion of that going to the wealthiest citizens. The $1.1 Trillion in tax breaks is more than we spend on Medicare and Medicade combined. It is more than we spend on Social Security. It is more than we spend on our nations Defense.

What forms do these loopholes take? How about “carried interest” that caps private equity partners top tax rate at 20% as opposed to the 39.6 they should be paying. Cap IRA balances at a reasonable level to prevent people like Mitt Romney accruing $100 million IRA abuses. “Like Kind Exchanges” were a good idea to help farmers avoid tax burdens when bartering for supplies are now used as a tax avoidance scheme to prevent millionaires from paying taxes as they sell “priceless” art, yachts, and vacation homes.

These pain free sources of revenues would work towards reducing the levels of tax injustice over the last 30 years that shifted so much of government budget burdens from the wealthiest 1% of Americans to the middle class.

At the same time, studies of real life historical data suggest that taking away these loopholes for the wealthy will not only not put a strain on our slow recovery (like cuts to government spending programs and entitlements would), but would in fact stimulate growth in our GNP.

Cutting tax loopholes for the wealthy will decrease our budget deficit, stimulate our economy, and work on reducing the growing tax injustices of the last 30 years.

This is a true “no-brainer”.

Thank you for your consideration.

Gatlinburg , TN