It’s time families in Staten Island and South Brooklyn got their fair share of the prosperity they helped create. But for decades, special interests and giant corporations have used the tax code to rig the system and enrich themselves, even as wages and benefits for the American worker have stagnated. No corporation, no matter how big or powerful, should be able to exploit loopholes and rely on an army of lobbyists to avoid doing their part. And no company should be given a tax break for shipping jobs overseas or giving million-dollar bonuses to CEO’s while their workers struggle just to make it every day. That doesn’t just weaken the economy, it’s immoral.
Max’s constituents on Staten Island and in South Brooklyn are struggling due to the high state, local, and property taxes hitting them and their small businesses. The most recent tax bill, which capped the State & Local Tax Deduction (SALT) at $10,000 per household, allowed for tax cuts for drug companies and billionaires on the backs of cops, firefighters, teachers, nurses and homeowners across the district. Max cosponsored the bipartisan Restoring Tax Fairness for States and Localities Act of 2019, which eliminated the $10,000 cap on the SALT deduction and created a new deduction for first responders.
Max is fighting for a tax system that gives hard working Americans a tax cut, not corporations. He believes we need to pass a bill that looks out for us, not the special interests. That means raising the long-term capital gains tax rate for the wealthy so that billionaires no longer pay a lower tax rate than firefighters or teachers. It means raising the floor on the Alternative Minimum Tax – which has hurt middle class families– and meaningfully expanding the Earned Income Tax Credit to put more money in our wallets. And it means closing loopholes, like the carried interest loophole, that allow big corporations to dodge taxes and lower the overall corporate tax rate so that small businesses receive a tax cut.