"We're targeting Wall Street, not Main Street."
Imagine a Missouri where fairness and equity are at the heart of our tax system. A place where the working class doesn't disproportionately shoulder the burden of funding our state's vital services while the wealthy and corporations enjoy the lion's share of tax breaks. That's the vision behind my progressive tax plan.
Inverting the Tax Model for Equality
The current tax system places the heaviest burden on those least able to afford it and is outdated, inefficient, and inequitable. I propose an overhaul, a tax plan that inverts the present model, making the top earners and corporations pay their fair share. It's a straightforward idea - the top 40% should bear the total tax burden of what the bottom 40% currently do, and vice versa. Various tax policy groups have shown that this adjustment could provide the revenue needed to support vital state programs while leaving a surplus to expand access to essential services.
Challenging the Status Quo
Naturally, those benefiting from the present system will resist these changes. I can guarantee that the wealthy and corporations will threaten to cut jobs, close factories, freeze hiring, and cease investment if their taxes increase - they've done this before, and they'll do it again. History tells us a different story. Despite generous tax incentives to attract businesses to the state, we still witness factory closures and layoffs. It's time to challenge the narrative and put the everyday Missourian first.
Ending the Race to the Bottom
Our race to the bottom in corporate tax rates hasn't kept corporations from leaving the state. Factory closures like Tyson's have shown us that it's time to say, "Enough is enough." The race to offer ever-greater corporate tax breaks is unsustainable and leaves the working class to shoulder the burden. Missouri's future should be one where fairness, equity, and shared responsibility are the pillars of our society and economy.
Investing in Responsible Corporations
To be clear: I wholeheartedly support offering tax incentives to businesses that invest in the welfare of their employees, the state, and the climate. These businesses not only create jobs but also measurably contribute to the well-being of their communities by offering comprehensive healthcare, childcare, Pre-K, and sustainability initiatives. It's a win-win, driving both economic growth and social responsibility.
Supporting Small Businesses
Let me be perfectly clear: my tax policy isn't aimed at small businesses, which are the backbone of our local communities. Small businesses operating within Missouri and falling under a certain revenue or employee threshold won't be affected by the proposed tax increase. We're targeting Wall Street, not Main Street.
Building Economic Balance
It's important to address concerns that altering the source of investment dollars will have a negative impact. Shifting our tax structure doesn't mean that funds won't flow into our economy. On the contrary, it ensures a fair and balanced tax system, which, in turn, empowers the state to invest in programs that drive economic progress. We shouldn't rely solely on the private sector for this task - they've proven they're not up to it. The belief in trickle-down economics has been debunked by reality.
A Shared Goal for Efficiency
We have a shared goal, even with our Republican counterparts who wish to maintain a balanced budget and an efficient economy. They, too, should see that it's time for the wealthiest and corporations to pay their fair share. After all, incentives can drive change, and encouraging them to consider their voter base as the everyday people of Missouri could be the key to success.
A Long Game for a Brighter Missouri
As history has taught us, this is a long game. Achieving a complete inversion of our tax structure won't happen overnight. It will take multiple terms, collaboration with our Republican colleagues, and voters who continually elect representatives with their best interests at heart. We must recognize that the current tax structure is unsustainable and detrimental to our budget and the efficiency of our economy.