This call for tax fairness, the senator acknowledged, was
brought out by President Obama in his State of the Union address, for which he
was most grateful.
The American public must be heard; otherwise changes will be
impossible.
Said Jason Furman, Reagan's tax ceiling of 28 percent was
far fairer than what we have today. Whitehouse added that he had even seen a
video of Reagan endorsing a policy that resembled the Buffett Rule.
And what of corporate taxes? asked Perriello.
Furman answered that in the realm of business tax reform,
all taxes for all units concerned, even those that call themselves
corporations, should be cut. There is also a proposal for a minimum tax on corporations'
foreign earnings.
During the Q&A period, the senator cited two ways in
which to pass his legislation. His "Jericho strategy" requires several rounds
of negotiation; that is, repeated tries to get closer and closer to his goals.
The other strategy is to make this legislation part of a bigger act, which
could be discussed before November, when the lame duck session in Congress
begins.
Other insights were gained through audience questions,
including 1) The Grover Norquist principle that the Bush tax cuts are eternal
will have to cave in the face of such dire public need. 2) Though taxes are
higher in Europe, and the rates less progressive, there is less income inequality
in the Mother Continent. 3) A fairer tax system will give people confidence and
a more positive attitude toward the economy; our education system and
infrastructure will improve. 4) There will be a large tax reform at some point;
the present narrative is sharpening the debate. 5) The rich wouldn't lose all
tax benefits, but must pay an income tax equaling at least 30 percent of all
earnings. 6) Corporations aren't people; jobs must stay here; the system must
promote income equality; our competitiveness on the world stage must
continue--these measures will benefit all economic classes.
Concluded Senator Whitehouse, the ruling that corporations
are equal to people marks one of the most grievous errors ever made by the U.S.
Supreme Court. He saluted Tom Perriello for his work on climate change, a brave
move that might have added a chapter about him to the book Profiles in Courage, were President Kennedy still alive.
The senator said he thought that the Republicans would yield
to the necessity of his legislation and other ideas, just as they yielded to
the extension of the payroll tax cut and unemployment insurance for the
duration of this year.
( c )
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