How Taxing is the Tax Policy?

How Taxing is the Tax Policy?

Grace Griffin

The FHS Teenage Republicans will host the Young Democrats for the 4th debate of the year regarding tax policy on Thursday, March 3rd.

In general, taxes are money collected from the government and put toward projects to improve the country. This includes trash cleanup, law enforcement, defense, and veterans pensions.

The typical Democratic stance on taxes is to cut taxes for working families and the middle class, but not the wealthy 1%. This is an idea that Democratic presidential candidate and Vermont Senator Bernie Sanders stresses in his campaign.

Sanders focusses heavily on eliminating tax breaks for the wealthy 1%, and distributing the wealth in a more equal way. Sanders highlights that the top 1% hold nearly as much wealth as the bottom 90%, and pushes to close this gap.

If elected, Sanders will do away with large corporation loopholes such as shifting jobs and profits overseas to avoid paying United States income tax. He will strive to create a progressive tax on big businesses grossing $3.5 million or more.

Former first lady and Secretary of State, Hillary Clinton, addresses tax policy in a similar way. Like Sanders, the democratic frontrunner strives to close tax loopholes for big businesses and make the wealthy “pay their fair share”.

If elected, Clinton will also impose a tax on high frequency trading (the risky use of high powered computers to make multiple transactions at the same time). This will stabilize the stock market and make it more transparent.

Like these candidates, the Young Democrats will focus on a more even distribution of wealth. They support closing loopholes for big business and imposing higher taxes on the 1%, something Clinton and Sanders are both adamant about.

Come to the debate March 3rd, after school in the lecture hall to see what both sides bring to the table and how they line up with the candidates in the 2016 presidential race.