Tax Reform

Thanks, Trump.
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In case you have not heard, people are upset about their shrinking tax refunds. Those taxpayers are expected to lose out on more than $321 billion of tax deductions because of this change that is part of Trumps tax plan.

California homeowners are being asked to pay up in order to cover the cost of the Republican tax overall, which greatly benefited large businesses by slashing the corporate tax rate. Those cuts are also expected to increase the federal deficit by approximately $1.5 trillion over the next decade.
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91 Fortune 500 companies paid no federal income taxes on their U.S. income last year. Some of the companies that paid no federal income tax last year still made billions of dollars — and they include some of the country's biggest names, like Amazon, Chevron, Halliburton and IBM.

The big picture: The 379 profitable members of the Fortune 500 paid an effective federal tax rate of 11.3% last year — almost half of the 21% corporate rate established under President Trump's 2017 tax revamp.

Large companies were able to pay lower rates through a combination of deductions, tax breaks and other loopholes.
Had those companies paid the statutory 21% rate on their profits, they would have collectively owed the federal government an additional $73.9 billion.

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The Campa Tax Plan

• Cut taxes for middle-class families, small businesses, veterans and seniors. Allowing these individuals to keep more of what they earn means more money being spent in our neighborhoods, circulating throughout our local economy, and building wealth within our own district.
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• Fully reinstate the State and Local tax deductions (SALT) that working families and homeowners enjoyed before the 2017 tax bill was signed by President Trump. The federal government’s undermining of SALT essentially means Californians are being “double taxed” I’ll work to end Trump’s punishment on California taxpayers.
  

How do we make up the revenue and avoid adding to the federal deficit?

• Transition back to the Reagan era corporate tax rate of 35%, beginning by first raising it up to 28% from the current rate or 21%.
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• Under Reagan, $800 billion in tax loopholes were available to billionaires and big corporations. Today, that number has doubled to $1.6 trillion. Cutting these loopholes in half and restoring them to the Reagan era rates would help pay for my middle class tax cuts and reduce the deficit.
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• A 5 % surtax on the top 1% with incomes above $5 million a year. This would only impact America’s 11,000 wealthiest individuals.
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• Taxes on capital gains and lowering the threshold for the estate tax.